1.Extension of increase in
limitation on expensing of certain depreciable business assets
(a)Paragraph (7) of
section 179(b) of the Internal Revenue Code of 1986 is amended by inserting
or 2009
after 2008
in the text and heading
thereof.
(b)The amendments made by this section shall apply to taxable
years beginning after December 31, 2008.
2.Special allowance
for certain property acquired during 2009
(a)Subsection (k) of
section 168 of the Internal Revenue Code of 1986 is amended—
(1)by striking
January 1, 2009
each place it appears in paragraphs (1), (2),
and (3) and inserting January 1, 2010
, and
(2)by striking
January 1, 2010
in paragraph (2)(A)(iv) and inserting
January 1, 2011
.
(b)
(1)Section 168(k)(4)(D) of such Code is
amended by redesignating clauses (i) and (ii) as clauses (iii) and (iv) and by
inserting before clause (iii) (as so redesignated) the following new
clauses:
(i)January 1, 2009
shall be
substituted for January 1, 2010
each place it appears,
(ii)January 1,
2010
shall be substituted for January 1, 2011
in
paragraph (2)(A)(iv),
.
(2)Section 168(l)(5) of such Code is amended
by striking January 1, 2009
and inserting January 1,
2010
.
(3)Section
1400L(b)(2)(D) of such Code is amended by striking January 1,
2010
and inserting January 1, 2011
.
(4)Section
1400N(d)(3) of such Code is amended by striking January 1, 2009
and inserting January 1, 2010
.
(5)The heading for
subsection (k) of section 168 of such Code is amended by striking
January 1,
2009
and inserting January 1, 2010
.
(6)The heading for
clause (ii) of section 168(k)(2)(B) of such Code is amended by striking
pre-January 1,
2009
and inserting pre-January 1, 2010
.
(c)The amendments made by this section shall apply to property
placed in service after December 31, 2008, in taxable years ending after such
date.