Small Business Expansion and Job Creation Act of 2010 - Amends the Internal Revenue Code to extend through 2010: (1) the increased ($250,000) expensing allowance for depreciable business assets; (2) the additional 50% depreciation allowance for certain types of investment property acquired in 2010; and (3) the election to accelerate the tax credits for the alternative minimum tax and research expenditures in lieu of bonus depreciation.
[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4655 Introduced in House (IH)]
111th CONGRESS
2d Session
H. R. 4655
To amend the Internal Revenue Code of 1986 to provide a 1-year
extension of the increased expensing of certain depreciable business
assets and the special depreciation allowance for certain business
property.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 23, 2010
Mr. Bright introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide a 1-year
extension of the increased expensing of certain depreciable business
assets and the special depreciation allowance for certain business
property.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Small Business Expansion and Job
Creation Act of 2010''.
SEC. 2. EXTENSION OF INCREASE IN LIMITATION ON EXPENSING OF CERTAIN
DEPRECIABLE BUSINESS ASSETS.
(a) Extension of Increased Limitations.--Paragraph (7) of section
179(b) of the Internal Revenue Code of 1986 is amended--
(1) by striking ``or 2009'' and inserting ``2009, or
2010'', and
(2) by striking ``and 2009'' in the heading and inserting
``2009, and 2010''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2009.
SEC. 3. SPECIAL ALLOWANCE FOR CERTAIN PROPERTY ACQUIRED DURING 2010.
(a) Extension of Special Allowance.--
(1) In general.--Paragraph (2) of section 168(k) of the
Internal Revenue Code of 1986 is amended--
(A) by striking ``January 1, 2011'' and inserting
``January 1, 2012'', and
(B) by striking ``January 1, 2010'' each place it
appears and inserting ``January 1, 2011''.
(2) Conforming amendments.--
(A) The heading for subsection (k) of section 168
of such Code is amended by striking ``2010'' and
inserting ``2011''.
(B) The heading for clause (ii) of section
168(k)(2)(B) of such Code is amended by striking ``pre-
january 1, 2010'' and inserting ``pre-january 1,
2011''.
(C) Subparagraph (B) of section 168(l)(5) of such
Code is amended by striking ``January 1, 2009'' and
inserting ``January 1, 2010''.
(D) Subparagraph (C) of section 168(n)(2) of such
Code is amended by striking ``January 1, 2009'' and
inserting ``January 1, 2010''.
(E) Subparagraph (B) of section 1400N(d)(3) of such
Code is amended by striking ``January 1, 2009'' and
inserting ``January 1, 2010''.
(b) Extension of Election To Accelerate the AMT and Research
Credits in Lieu of Bonus Depreciation.--Paragraph (4) of section 168(k)
of such Code (relating to election to accelerate the AMT and research
credits in lieu of bonus depreciation) is amended--
(1) by striking ``January, 1, 2010'' and inserting
``January 1, 2011'' in subparagraph (D)(iii), and
(2) by adding at the end the following new subparagraph:
``(I) Special rules for 2010 extension property.--
``(i) Taxpayers previously electing
acceleration.--In the case of a taxpayer who
made the election under subparagraph (A) for
its first taxable year ending after March 31,
2008, or under subparagraph (H) for its first
taxable year ending after December 31, 2008--
``(I) the taxpayer may elect not to
have this paragraph apply to 2010
extension property, but
``(II) if the taxpayer does not
make the election under subclause (I),
in applying this paragraph to the
taxpayer a separate bonus depreciation
amount, maximum amount, and maximum
increase amount shall be computed and
applied to eligible qualified property
which is 2010 extension property.
``(ii) Taxpayers not previously electing
acceleration.--In the case of a taxpayer who
did not make the election under subparagraph
(A) for its first taxable year ending after
March 31, 2008, or under subparagraph (H) for
its first taxable year ending after December
31, 2008--
``(I) the taxpayer may elect to
have this paragraph apply to its first
taxable year ending after December 31,
2009, and each subsequent taxable year,
and
``(II) if the taxpayer makes the
election under subclause (I), this
paragraph shall only apply to eligible
qualified property which is 2010
extension property.
``(iii) 2010 extension property.--For
purposes of this subparagraph, the term `2010
extension property' means property which is
eligible qualified property solely by reason of
the extension of the application of the special
allowance under paragraph (1) pursuant to the
amendments made by section 2(a) of the Small
Business Expansion and Job Creation Act of 2010
(and the application of such extension to this
paragraph pursuant to the amendment made by
section 2(b)(1) of such Act).''.
(c) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2009, in taxable
years ending after such date.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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