[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 879 Introduced in Senate (IS)]






108th CONGRESS
  1st Session
                                 S. 879

 To amend the Internal Revenue Code of 1986 to increase and extend the 
        special depreciation allowance, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 10, 2003

 Mr. Smith introduced the following bill; which was read twice and 
        referred to the Committee on FinanceYYYYYYYYYYYYYYYYYYYYYYYYYYY

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase and extend the 
        special depreciation allowance, 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. SHORT TITLE.

    This Act may be cited as the ``Economic Stimulus Act of 2003''.

SEC. 2. EXPANSION OF SPECIAL DEPRECIATION ALLOWANCE.

    (a) In General.--Subsection (k) of section 168 (relating to 
accelerated cost recovery system) is amended--
            (1) by adding at the end of paragraph (1) the following new 
        flush sentence:
        ``In the case of any qualified property acquired by the 
        taxpayer pursuant to a written binding contract which was 
        entered into after the date of the enactment of the Economic 
        Stimulus Act of 2003, subparagraph (A) shall be applied by 
        substituting `50 percent' for `30 percent'.'',
            (2) by redesignating subclauses (III) and (IV) of paragraph 
        (2)(A)(i) as subclauses (IV) and (V), respectively,
            (3) by inserting after subclause (II) of paragraph 
        (2)(A)(i) the following new subclause:
                                    ``(III) which is a motion picture 
                                film or videotape (as defined in 
                                section 167(f)(1)(B) for which a 
                                deduction is allowable under section 
                                167 without regard to this 
                                subsection,'',
            (4) by striking clause (iv) of paragraph (2)(A) and 
        inserting the following new clause:
                            ``(iv) which is placed in service by the 
                        taxpayer--
                                    ``(I) except as provided in 
                                subclauses (II) and (III), before April 
                                1, 2010,
                                    ``(II) in the case of 
                                transportation property described in 
                                subparagraph (B), before the later of 
                                the date which is 90 days after 
                                delivery of such property or which is 
                                10 years after the date of the 
                                enactment of the Economic Stimulus Act 
                                of 2003, or
                                    ``(III) in the case of other 
                                property described in subparagraph (B), 
                                before January 1, 2011.'',
            (5) by inserting ``transportation property which meets the 
        requirements of clauses (i), (ii), and (iii) of subparagraph 
        (A), or other'' before ``property'' in the matter preceding 
        subclause (I) of paragraph (2)(B)(i),
            (6) by striking ``production before September 11, 2004.'' 
        in paragraph (2)(B)(ii) and inserting ``production--
                                    ``(I) with respect to 
                                transportation property, before the 
                                earlier of the date which is 90 days 
                                after delivery of such property or 
                                which is 10 years after the date of the 
                                enactment of the Economic Stimulus Act 
                                of 2003, and
                                    ``(II) with respect to other 
                                property, before January 1, 2010.'',
            (7) by striking ``September 11, 2004'' in the heading of 
        clause (ii) of paragraph (2)(B) and inserting ``certain'',
            (8) by striking ``subparagraph'' in paragraph (2)(B)(iii) 
        and inserting ``paragraph'',
            (9) by striking ``September 11, 2004'' each place it 
        appears in the subsection and inserting ``January 1, 2010'', 
        and
            (10) by striking ``September 11, 2004'' in the heading 
        thereof and inserting ``January 1, 2010''.
    (b) Conforming Amendments.--
            (1) The heading for clause (i) of section 1400L(b)(2)(C) of 
        the Internal Revenue Code of 1986 is amended by striking ``30 
        percent additional'' and inserting ``Additional''.
            (2) Section 1400L(b)(2)(D) of such Code is amended by 
        inserting ``(as in effect on the day after the date of the 
        enactment of this section)'' after ``section 168(k)(2)(D)''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property acquired after the date of the enactment of this Act, 
in taxable years ending after such date.
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