,i #aac? ,,congress #a/ ,session ,h4 ,r4 #bcgc ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,june #ad1 #bjac ,mr4 ,br\n ( ,georgia 7= himself1 ,mr4 ,we/morel&1 ,mr4 ,*abot1 ,mr4 ,lamborn1 ,mr4 ,gohm]t1 ,mr4 ,franks ( ,arizona1 & ,mr4 ,long7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to provide individual & corporate income tax relief & to ext5d #ajj p]c5t bonus depreciation1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,jump/>t+ ,our ,bus9ess ,sector ,act ( #bjac4 #b4 ,corporate income tax rates r$uc$ to z]o 7a7 ,regul> tax ,subsection 7b7 ( section #aa ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7b7 ,am\nt ( tax ,! am\nt ( ! tax impos$ by subsection 7a7 %all be #j p]c5t ( taxable income4 4 7b7 ,alt]native m9imum tax ,section #ee7;b77#a77;,b77i7 ( su* ,code is am5d$ by /rik+ #bj p]c5t & ins]t+ #j p]c5t4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjac4 #c4 ,exclusion = net capital ga9 7a7 ,9 g5]al ,"p ,,iii ( sub*apt] ,b ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf 7relat+ to items specifically exclud$ f gross income7 is am5d$ by ins]t+ be=e section #aja ! foll[+ new section3 #ajj4 ,exclusion = net capital ga9 ,gross income %all n include net capital ga94 4 7b7 ,con=m+ am5dm5ts 7#a7 ,section #a ( su* ,code is am5d$ by /rik+ subsection 7h74 7#b7 ,sub*apt] ,p ( *apt] #a ( su* ,code is am5d$ by /rik+ "p ,i4 7#c7 ,! table ( sections = "p ,,iii ( sub*apt] ,b ( *apt] #a ( su* ,code is am5d$ by ins]t+ be=e ! fir/ item ! foll[+ new item3 ,sec4 #ajj4 ,exclusion = net capital ga944 7#d7 ,! table ( p>ts = sub*apt] ,p ( *apt] #a ( su* ,code is am5d$ by /rik+ ! item relat+ to "p ,i4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s end+ aft] ! date ( ! enactm5t ( ?is ,act4 #d4 #c-ye> ext5sion ( bonus depreciation & #ajj p]c5t exp5s+ = c]ta9 bus9ess assets 7a7 ,9 g5]al 7#a7 ,bonus depreciation ,p>agraph 7#b7 ( section #afh7k7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7,a7 by /rik+ ,janu>y #a1 #bjae 9 subp>agraph 7,a77iv7 & ins]t+ ,janu>y #a1 #bjah1 & 7,b7 by /rik+ ,janu>y #a1 #bjad ea* place x appe>s & ins]t+ ,janu>y #a1 #bjag4 7#b7 #ajj p]c5t exp5s+ ,p>agraph 7#e7 ( section #afh7k7 is am5d$ to read z foll[s3 7#e7 ,tempor>y #ajj p]c5t bonus depreciation ,p>agraph 7#a77;,a7 %all be appli$ by sub/itut+ #ajj p]c5t = #ej p]c5t 9 ! case ( qualifi$ prop]ty-- 7,a7 :i* is acquir$ by ! taxpay] 7"u rules simil> to ! rules ( clauses 7ii7 & 7iii7 ( p>agraph 7#b77;,a77-- 7i7 aft] ,septemb] #h1 #bjaj1 & be=e ,janu>y #a1 #bjab1 or 7ii7 aft] ,decemb] #ca1 #bjab1 & be=e ,janu>y #a1 #bjah1 & 7,b7 :i* is plac$ 9 s]vice by ! taxpay]-- 7i7 be=e ,janu>y #a1 #bjab 7,janu>y #a1 #bjac1 9 ! case ( prop]ty describ$ 9 subp>agraph 7#b77;,b7 or 7#b77;,c771 or 7ii7 9 ! case ( prop]ty describ$ 9 subp>agraph 7,a77ii71 be=e ,janu>y #a1 #bjag 7,janu>y #a1 #bjah1 9 ! case ( prop]ty describ$ 9 subp>agraph 7#b77;,b7 or 7#b77;,c774 4 7b7 ,special rules relat+ to election ,to accel]ate ,,amt cr$it 9 lieu ( bonus depreciation 7#a7 ,9 g5]al ,subclause 7,,ii7 ( section #afh7k77#d77;,d77iii7 ( su* ,code is am5d$ by /rik+ #bjad & ins]t+ #bjag 4 7#b7 ,r\nd #d ext5sion prop]ty ,p>agraph 7#d7 ( section #afh7k7 ( su* ,code is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,k7 ,special rules = r\nd #d ext5sion prop]ty 7i7 ,9 g5]al ,9 ! case ( r\nd #d ext5sion prop]ty1 ?is p>agraph %all be appli$ )\t reg>d to-- 7,i7 ! limitation describ$ 9 subp>agraph 7,b77i7 !re(1 & 7,,ii7 ! bus9ess cr$it increase am\nt "u subp>agraph 7,e77iii7 !re(4 7ii7 ,taxpay]s previ\sly elect+ accel]ation ,9 ! case ( a taxpay] :o made ! election "u subp>agraph 7,a7 = its fir/ taxable ye> end+ aft] ,m>* #ca1 #bjjh1 a taxpay] :o made ! election "u subp>agraph 7,h77ii7 = its fir/ taxable ye> end+ aft] ,decemb] #ca1 #bjjh1 a taxpay] :o made ! election "u subp>agraph 7,i77iii7 = its fir/ taxable ye> end+ aft] ,decemb] #ca1 #bjaj1 or a taxpay] :o made ! election "u subp>agraph 7,j77iii7 = its fir/ taxable ye> end+ aft] ,decemb] #ca1 #bjab-- 7,i7 ! taxpay] may elect n to h ?is p>agraph apply to r\nd #d ext5sion prop]ty1 b 7,,ii7 if ! taxpay] does n make ! election "u subclause 7,i71 9 apply+ ?is p>agraph to ! taxpay] ! bonus depreciation am\nt1 maximum am\nt1 & maximum increase am\nt %all be comput$ & appli$ to eligible qualifi$ prop]ty :i* is r\nd #d ext5sion prop]ty4 ,! am\nts describ$ 9 subclause 7,,ii7 %all be comput$ sep>ately f any am\nts comput$ ) respect to eligible qualifi$ prop]ty :i* is n r\nd #d ext5sion prop]ty4 7iii7 ,taxpay]s n previ\sly elect+ accel]ation ,9 ! case ( a taxpay] :o nei!r made ! election "u subp>agraph 7,a7 = its fir/ taxable ye> end+ aft] ,m>* #ca1 #bjjh1 nor made ! election "u subp>agraph 7,h77ii7 = its fir/ taxable ye> end+ aft] ,decemb] #ca1 #bjjh1 nor made ! election "u subp>agraph 7,i77iii7 = any taxable ye> end+ aft] ,decemb] #ca1 #bjaj1 nor made ! election "u subp>agraph 7,j77iii7 = its fir/ taxable ye> end+ aft] ,decemb] #ca1 #bjab-- 7,i7 ! taxpay] may elect to h ?is p>agraph apply to its fir/ #c taxable ye>s end+ aft] ,decemb] #ca1 #bjac1 & ea* subsequ5t taxable ye>1 & 7,,ii7 if ! taxpay] makes ! election "u subclause 7,i71 ?is p>agraph %all only apply to eligible qualifi$ prop]ty :i* is r\nd #d ext5sion prop]ty4 7iv7 ,r\nd #d ext5sion prop]ty ,= purposes ( ?is subp>agraph1 ! t]m r\nd #d ext5sion prop]ty means prop]ty :i* is eligible qualifi$ prop]ty solely by reason ( ! ext5sion ( ! application ( ! special all[ance "u p>agraph 7#a7 pursuant to ! am5dm5ts made by section #d7;a77#a7 ( ! ,jump/>t+ ,our ,bus9ess ,sector ,act ( #bjac 7& ! application ( su* ext5sion to ?is p>agraph pursuant to ! am5dm5t made by section #d7;b77#a7 ( su* ,act74 4 7#c7 ,con=m+ am5dm5ts 7,a7 ,! head+ = subsection 7k7 ( section #afh ( su* ,code is am5d$ by /rik+ ,janu>y #a1 #bjad & ins]t+ ,janu>y #a1 #bjag4 7,b7 ,! head+ = clause 7ii7 ( section #afh7k77#b77;,b7 ( su* ,code is am5d$ by /rik+ pre-,janu>y #a1 #bjad & ins]t+ pre-,janu>y #a1 #bjag4 7,c7 ,subp>agraph 7,c7 ( section #afh7n77#b7 ( su* ,code is am5d$ by /rik+ ,janu>y #a1 #bjad & ins]t+ ,janu>y #a1 #bjag4 7,d7 ,subp>agraph 7,d7 ( section #adjj,l7b77#b7 ( su* ,code is am5d$ by /rik+ ,janu>y #a1 #bjad & ins]t+ ,janu>y #a1 #bjag4 7,e7 ,subp>agraph 7,b7 ( section #adjj,n7d77#c7 ( su* ,code is am5d$ by /rik+ ,janu>y #a1 #bjad & ins]t+ ,janu>y #a1 #bjag4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to prop]ty plac$ 9 s]vice aft] ,decemb] #ca1 #bjac1 9 taxable ye>s end+ aft] su* date4 #e4 ,repeal ( e/ate & gift taxes 7a7 ,9 g5]al ,subtitle ,b ( ! ,int]nal ,rev5ue ,code ( #aihf 7relat+ to e/ate1 gift1 & g5]ation-skipp+ taxes 7 is h]eby repeal$4 7b7 ,effective date ,! repeal made by subsection 7a7 %all apply to e/ates ( dec$5ts dy+1 gifts made1 & g5]ation-skipp+ transf]s made aft] ! date ( ! enactm5t ( ?is ,act4