I 112th CONGRESS 1st Session H. R. 3366 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.

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.