[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 364 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 364

To amend the Internal Revenue Code of 1986 to extend bonus depreciation 
                              for 2 years.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 25, 2005

 Mr. Wilson of South Carolina 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 extend bonus depreciation 
                              for 2 years.

    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 ``Bonus Depreciation Extension Act of 
2005''.

SEC. 2. 2-YEAR EXTENSION OF BONUS DEPRECIATION.

    (a) 50-Percent Bonus Depreciation.--Section 168(k)(4) of the 
Internal Revenue Code of 1986 is amended--
            (1) by striking ``January 1, 2005'' each place it appears 
        and inserting ``January 1, 2007'', and
            (2) in subparagraph (B)(ii) by striking ``January 1, 2006'' 
        and inserting ``January 1, 2008''.
    (b) 30-Percent Bonus Depreciation.--Section 168(k)(2) of such Code 
is amended--
            (1) by striking ``January 1, 2005'' each place it appears 
        and inserting ``January 1, 2007'', and
            (2) in subparagraph (A)(iv) by striking ``January 1, 2006'' 
        and inserting ``January 1, 2008''.
    (c) New York Liberty Zone.--The last sentence of section 
1400L(b)(2)(A) of such Code is amended by striking ``December 31, 2006 
(December 31, 2009'' and inserting ``December 31, 2008 (December 31, 
2011''.
    (d) Conforming Amendment.--The subsection heading for section 
168(k) of such Code is amended by striking ``January 1, 2005'' and 
inserting ``January 1, 2007''.
    (e) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2004.
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