[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 683 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 683

  To amend the Internal Revenue Code of 1986 to increase the special 
    allowance for depreciation for certain property acquired after 
   September 10, 2001, from 30 percent to 100 percent, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 11, 2003

 Mr. English (for himself and Mr. Jefferson) 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 increase the special 
    allowance for depreciation for certain property acquired after 
   September 10, 2001, from 30 percent to 100 percent, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INCREASE IN SPECIAL ALLOWANCE FOR DEPRECIATION FOR CERTAIN 
              PROPERTY ACQUIRED AFTER SEPTEMBER 10, 2001, FROM 30 
              PERCENT TO 100 PERCENT.

    (a) In General.--Subsection (k) of section 168 of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(4) 100 percent allowance for certain property.--
                    ``(A) In general.--In the case of qualified 
                property placed in service after December 31, 2002, and 
                before January 1, 2006, paragraph (1) shall be applied 
                by substituting `100 percent' for `30 percent' in 
                subparagraph (A) thereof.
                    ``(B) Applicable dates.--For purposes of 
                subparagraph (A)--
                            ``(i) In general.--Except as provided in 
                        clause (ii), paragraph (2) shall be applied by 
                        substituting `January 1, 2006' for `September 
                        11, 2004' each place is occurs.
                            ``(ii) Binding written contracts.--In the 
                        case of qualified property with respect to 
                        which a written contract for the acquisition of 
                        such property is in effect before January 1, 
                        2006--
                                    ``(I) paragraph (2)(A)(iii)(II) 
                                shall be applied by substituting 
                                `January 1, 2008' for `September 11, 
                                2004', and
                                    ``(II) paragraph (2)(A)(iv) shall 
                                be applied by substituting `January 1, 
                                2008' for `January 1, 2005' and by 
                                substituting `January 1, 2009' for 
                                `January 1, 2006'.''.
    (b) Syndications.--Subparagraph (D) of section 168(k)(2) of such 
Code (relating to special rules) is amended by adding at the end the 
following:
                            ``(iii) Syndications.--For purposes of 
                        subparagraph (A)(ii), if property--
                                    ``(I) is treated as originally 
                                placed in service after September 10, 
                                2001, either directly or by a lessor of 
                                such property or pursuant to clause 
                                (ii), and
                                    ``(II) is sold within 6 months 
                                after such property is so placed in 
                                service,
                        such property shall be treated as originally 
                        placed in service not earlier than the date of 
                        such sale.''.
    (c) Effective Dates.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to property placed 
        in service after December 31, 2002, in taxable years beginning 
        after such date.
            (2) Subsection (b).--The amendment made by subsection (b) 
        shall take effect as if included in the amendments made by 
        section 101 of the Job Creation and Worker Assistance Act of 
        2002.
                                 <all>