1.Bonus depreciation made
permanent
(a)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)
(1)Subclause (I) of section 168(k)(2)(B)(i) of
the Internal Revenue Code of 1986 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)The amendments made by this section shall apply to property
placed in service after December 31, 2008.
2.Permanent increase in
limitations on expensing of certain depreciable business assets
(a)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 2007 and before 2011, the $120,000 and $500,000
in
paragraph (5)(A) and inserting after 2009, the $250,000 and the
$800,000
,
(4)by striking
2006
in paragraph (5)(A)(ii) and inserting 2008
,
and
(5)by striking
paragraph (7).
(b)The amendments made by this section shall apply to taxable
years beginning after December 31, 2008.