110 HR 6612 IH: To amend the Internal Revenue Code of 1986 to increase U.S. House of Representatives 2008-07-24 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 2d Session H. R. 6612 IN THE HOUSE OF REPRESENTATIVES July 24, 2008 Mr. Cazayoux (for himself, Mr. Jefferson, and Mr. Childers) 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 and make permanent the election to expense certain refineries.

1.

Election to expense certain refineries increased and made permanent

(a)

Deduction temporarily increased to 100 percent

Subsection (a) of section 179C of the Internal Revenue Code of 1986 (relating to election to expense certain refineries) is amended by adding at the end the following new sentence: In the case of qualified refinery property placed in service after July 15, 2008, and before January 1, 2012, the preceding sentence shall be applied by substituting 100 percent for 50 percent.. (b)

Deduction made permanent

Paragraph (1) of section 179C(c) of such Code is amended— (1)by striking and before January 1, 2012 in subparagraph (B), (2)by adding and at the end of subparagraph (D), (3)by striking , and at the end of subparagraph (E) and inserting a period, and (4)by striking subparagraph (F). (c)

Effective date

The amendments made by this section shall apply to property placed in service after July 15, 2008.