[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3123 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 3123

    To amend the Internal Revenue Code of 1986 to allow for annual 
   elections to accelerate AMT credits in lieu of bonus depreciation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 6, 2011

 Mr. Tiberi (for himself, Mr. Larson of Connecticut, Mr. Reichert, Mr. 
    Peters, and Mr. Levin) 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 allow for annual 
   elections to accelerate AMT credits in lieu of bonus depreciation.

    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 ``American Job Creation and Investment 
Act of 2011''.

SEC. 2. EXPANSION OF ELECTION TO ACCELERATE AMT CREDITS IN LIEU OF 
              BONUS DEPRECIATION.

    (a) Maximum Increase Amount.--Clause (iii) of section 168(k)(4)(C) 
of the Internal Revenue Code of 1986 is amended by striking ``the 
lesser of'' and all that follows through ``6 percent'' and inserting 
``50 percent''.
    (b) Allowance of Pre-2011 AMT Credits.--Clause (iv) of section 
168(k)(4)(E) of such Code is amended to read as follows:
                            ``(iv) AMT credit increase amount.--For 
                        purposes of this paragraph, the term `AMT 
                        credit increase amount' means the minimum tax 
                        credit under section 53(b) for the first 
                        taxable year ending after December 31, 2010. 
                        For purposes of the preceding sentence, credits 
                        shall be treated as allowed on a first-in, 
                        first-out basis.''.
    (c) Application to Partnerships.--Subparagraph (C) of section 
168(k)(4) of such Code is amended by adding at the end the following 
new clause:
                            ``(v) Application to partnerships.--In the 
                        case of a partnership in which more than 50 
                        percent of the capital and profits interests in 
                        the partnership are owned (directly or 
                        indirectly) at all times during the taxable 
                        year by the corporations treated as 1 taxpayer 
                        under clause (iv)--
                                    ``(I) this paragraph shall be 
                                applied at the partner level, and
                                    ``(II) each partner shall be 
                                treated as having for the taxable year 
                                an amount equal to such partner's 
                                allocable share of the eligible 
                                qualified property for such taxable 
                                year (as determined under regulations 
                                prescribed by the Secretary).''.
    (d) Separate Elections for Each Taxable Year.--
            (1) Taxpayers previously electing acceleration.--Clause 
        (ii) of section 168(k)(4)(I) of such Code is amended--
                    (A) by striking ``property,'' in subclause (I) and 
                inserting ``property for its first taxable year ending 
                after December 31, 2010, or, by separate elections, any 
                subsequent taxable year,''
                    (B) by striking ``the election under subclause 
                (I)'' in subclause (II) and inserting ``an election 
                under subclause (I) for a taxable year'', and
                    (C) by adding at the end the following: ``A 
                separate bonus depreciation amount, maximum amount, and 
                maximum increase amount shall be computed for each of 
                the taxpayer's taxable years ending after December 31, 
                2010, determined by the round 2 extension property 
                placed in service in the taxable year.''.
            (2) Taxpayers not previously electing acceleration.--Clause 
        (iii) of section 168(k)(4)(I) of such Code is amended--
                    (A) by striking ``and each'' in subclause (I) and 
                inserting ``or, by separate elections, any'',
                    (B) by striking ``the election under subclause 
                (I)'' in subclause (II) and inserting ``an election 
                under subclause (I) for a taxable year'', and
                    (C) by adding at the end the following: ``A 
                separate bonus depreciation amount, maximum amount, and 
                maximum increase amount shall be computed for each of 
                the taxpayer's taxable years ending after December 31, 
                2010, determined by the round 2 extension property 
                placed in service in the taxable year.''.
            (3) Maximum amount.--Clause (ii) of section 168(k)(4)(C) of 
        such Code is amended by striking ``, reduced (but not below 
        zero) by the sum of the bonus depreciation amounts for all 
        preceding taxable years''.
    (e) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2010, in taxable 
years ending after such date.
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