[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 3048 Introduced in Senate (IS)]







110th CONGRESS
  2d Session
                                S. 3048

  To amend the Internal Revenue Code of 1986 to make the allowance of 
 bonus depreciation and the increased expensing limitations permanent.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 22, 2008

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

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to make the allowance of 
 bonus depreciation and the increased expensing limitations permanent.

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

SECTION 1. BONUS DEPRECIATION MADE PERMANENT.

    (a) In General.--Paragraph (2) of section 168(k) of the Internal 
Revenue Code of 1986 (relating to special allowance for certain 
property acquired after December 31, 2007, and before January 1, 2009) 
is amended--
            (1) in subparagraph (A)--
                    (A) by adding ``and'' at the end of clause (ii),
                    (B) by striking ``, and before January 1, 2009'' in 
                clause (iii)(I),
                    (C) by striking ``, and before January 1, 2009, 
                and'' in clause (iii)(II) and inserting a period, and
                    (D) by striking clause (iv),
            (2) in subparagraph (B), by striking clause (ii) and by 
        redesignating clauses (iii) and (iv) as clauses (ii) and (iii), 
        respectively, and
            (3) in subparagraph (E)(i), by striking ``, and before 
        January 1, 2009''.
    (b) Conforming Amendments.--
            (1) Subclause (I) of section 168(k)(2)(B)(i) of such Code 
        is amended by striking ``(iii), and (iv)'' and inserting ``and 
        (iii)''.
            (2) Clause (i) of section 168(k)(2)(C) of such Code is 
        amended by striking ``, (iii) and (iv)'' and inserting ``and 
        (iii)''.
            (3) Subparagraph (B) of section 168(l)(5) of such Code is 
        amended to read as follows:
                    ``(B) by substituting `January 1, 2013.' for the 
                period at the end of clause (i) thereof, and''.
            (4) Subparagraph (D) of section 1400L(b)(2) of such Code is 
        amended by striking ``clause (i) thereof shall be applied 
        without regard to `and before January 1, 2010', and''.
            (5) Subparagraph (B) of section 1400N(d)(3) of such Code is 
        amended to read as follows:
                    ``(B) by substituting `January 1, 2008.' for the 
                period at the end of clause (i) thereof, and''.
            (6) The heading for subsection (k) of section 168 of such 
        Code is amended by striking ``and Before January 1, 2009''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act, in taxable years ending after such date.

SEC. 2. PERMANENT INCREASE IN LIMITATIONS ON EXPENSING OF CERTAIN 
              DEPRECIABLE BUSINESS ASSETS.

    (a) In General.--Subsection (b) of section 179 of the Internal 
Revenue Code of 1986 (relating to limitations) is amended--
            (1) by striking ``$25,000'' and all that follows in 
        paragraph (1) and inserting ``$250,000.'',
            (2) by striking``$200,000'' and all that follows in 
        paragraph (2) and inserting ``$800,000'',
            (3) by striking ``after 2003 and before 2010, the $100,000 
        and $400,000'' in paragraph (5)(A) and inserting ``after 2008, 
        the $250,000 and the $800,000'',
            (4) by striking ``2002'' in paragraph (5)(A)(ii) and 
        inserting ``2007'', and
            (5) by striking paragraph (7).
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2008.
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