[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3366 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 3366

   To amend the Internal Revenue Code of 1986 to clarify that bonus 
depreciation is not a cost allocated to a contract under the percentage 
             of completion method for long-term contracts.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            November 4, 2011

  Mr. Sam Johnson of Texas (for himself and Mr. Neal) 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 clarify that bonus 
depreciation is not a cost allocated to a contract under the percentage 
             of completion method for long-term contracts.

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

SECTION 1. CLARIFICATION THAT BONUS DEPRECIATION IS NOT A COST 
              ALLOCATED TO A CONTRACT UNDER THE PERCENTAGE OF 
              COMPLETION METHOD FOR LONG-TERM CONTRACTS.

    (a) In General.--Clause (ii) of section 460(c)(6)(B) of the 
Internal Revenue Code of 1986 is amended--
            (1) by striking ``2011'' and inserting ``2013'', and
            (2) by striking ``2012'' and inserting ``2014''.
    (b) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2010.
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