,i #aacth ,,congress #b;d ,session ,h4 ,r4 #dgdc ,,in ,,the ,,house ,,of ,,representatives ,may #bc1 #bjad ,mr4 ,larson of ,connecticut 7for himself and ,mr4 ,neal7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to provide for an extension of bonus depreciation4 #a4 ,short title ,this ,act may be cited as the ,bonus ,depreciation ,extension ,act of #bjad4 #b4 ,extension of bonus depreciation 7a7 ,in general ,paragraph 7#b7 of section #afh7k7 of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 by striking ,january #a1 #bjae in subparagraph 7,a77iv7 and inserting ,january #a1 #bjag1 and 7#b7 by striking ,january #a1 #bjad each place it appears and inserting ,january #a1 #bjaf4 7b7 ,special rule for ,federal long-,term contracts ,clause 7ii7 of section #dfj7;c77#f77;,b7 of such ,code is amended by striking ,january #a1 #bjad 7,january #a1 #bjae and inserting ,january #a1 #bjaf 7,january #a1 #bjag4 7c7 ,expansion of election ,to accelerate ,,amt credits in lieu of bonus depreciation ,section #afh7k77#d7 of such ,code is amended to read as follows3 7#d7 ,election to accelerate amt credits in lieu of bonus depreciation 7,a7 ,in general ,if a corporation elects to have this paragraph apply for any taxable year-- 7i7 paragraphs 7#a7 and 7#b77;,f77i7 shall not apply for such taxable year1 7ii7 the applicable depreciation method used under this section with respect to any qualified property shall be the straight line method1 and 7iii7 the limitation imposed by section #ec7;c7 for such taxable year shall be increased by the bonus depreciation amount which is determined for such taxable year under subparagraph 7,b74 7,b7 ,bonus depreciation amount ,for purposes of this paragraph-- 7i7 ,in general ,the bonus depreciation amount for any taxable year is an amount equal to #bj percent of the excess 7if any7 of-- 7,i7 the aggregate amount of depreciation which would be allowed under this section for qualified property placed in service by the taxpayer during such taxable year if paragraph 7#a7 applied to all such property1 over 7,,ii7 the aggregate amount of depreciation which would be allowed under this section for qualified property placed in service by the taxpayer during such taxable year if paragraph 7#a7 did not apply to any such property4 ,the aggregate amounts determined under subclauses 7,i7 and 7,,ii7 shall be determined without regard to any election made under subsection 7b77#b77;,d71 7b77#c77;,d71 or 7g77#g7 and without regard to subparagraph 7,a77ii74 7ii7 ,limitation ,the bonus depreciation amount for any taxable year shall not exceed the lesser of-- 7,i7 #ej percent of the minimum tax credit under section #ec7;b7 for the first taxable year ending after ,december #ca1 #bjac1 or 7,,ii7 the minimum tax credit under section #ec7;b7 for such taxable year determined by taking into account only the adjusted minimum tax for taxable years ending before ,january #a1 #bjad 7determined by treating credits as allowed on a first-in1 first-out basis74 7iii7 ,aggregation rule ,all corporations which are treated as a single employer under section #eb7;a7 shall be treated-- 7,i7 as #a taxpayer for purposes of this paragraph1 and 7,,ii7 as having elected the application of this paragraph if any such corporation so elects4 7,c7 ,credit refundable ,for purposes of section #fdja7;b71 the aggregate increase in the credits allowable under part ,,iv of subchapter ,a for any taxable year resulting from the application of this paragraph shall be treated as allowed under subpart ,c of such part 7and not any other subpart74 7,d7 ,other rules 7i7 ,election ,any election under this paragraph may be revoked only with the consent of the ,secretary4 7ii7 ,partnerships with electing partners ,in the case of a corporation which is a partner in a partnership and which makes an election under subparagraph 7,a7 for the taxable year1 for purposes of determining such corporation's distributive share of partnership items under section #gjb for such taxable year-- 7,i7 paragraphs 7#a77;,a7 and 7#b77;,f77i7 shall not apply1 and 7,,ii7 the applicable depreciation method used under this section with respect to any qualified property shall be the straight line method4 7iii7 ,certain partnerships ,in the case of a partnership in which more than #ej percent of the capital and profits interests are owned 7directly or indirectly7 at all times during the taxable year by #a corporation 7or by corporations treated as #a taxpayer under subparagraph 7,b77iii771 each partner shall compute its bonus depreciation amount under clause 7i7 of subparagraph 7,b7 by taking into account its distributive share of the amounts determined by the partnership under subclauses 7,i7 and 7,,ii7 of such clause for the taxable year of the partnership ending with or within the taxable year of the partner4 7iv7 ,special rule for passenger aircraft ,in the case of any passenger aircraft1 the written binding contract limitation under paragraph 7#b77;,a77iii77,i7 shall not apply for purposes of subparagraph 7,b77i77,i74 4 7d7 ,conforming amendments 7#a7 ,the heading for subsection 7k7 of section #afh of such ,code is amended by striking ,january #a1 #bjad and inserting ,january #a1 #bjaf4 7#b7 ,the heading for clause 7ii7 of section #afh7k77#b77;,b7 of such ,code is amended by striking pre-,january #a1 #bjad and inserting pre-,january #a1 #bjaf4 7#c7 ,subparagraph 7,c7 of section #afh7n77#b7 of such ,code is amended by striking ,january #a1 #bjad and inserting ,january #a1 #bjaf4 7#d7 ,subparagraph 7,d7 of section #adjj,l7b77#b7 of such ,code is amended by striking ,january #a1 #bjad and inserting ,january #a1 #bjaf4 7#e7 ,subparagraph 7,b7 of section #adjj,n7d77#c7 of such ,code is amended by striking ,january #a1 #bjad and inserting ,january #a1 #bjaf4 7e7 ,technical amendment relating to section #cca of the ,american ,taxpayer ,relief ,act of #bjab ,clause 7iii7 of section #afh7k77#d77;,j7 of such ,code is amended by striking any taxable year and inserting its first taxable year4 7f7 ,effective dates 7#a7 ,in general ,except as otherwise provided in this subsection1 the amendments made by this subsection shall apply to property placed in service after ,december #ca1 #bjac4 7#b7 ,expansion of election to accelerate amt credits in lieu of bonus depreciation 7,a7 ,in general ,the amendment made by subsection 7c7 7other than so much of such amendment as relates to section #afh7k77#d77;,d77iii7 of such ,code1 as added by such amendment7 shall apply to taxable years ending after ,december #ca1 #bjac4 7,b7 ,transitional rule ,in the case of a taxable year beginning before ,january #a1 #bjad1 and ending after ,december #ca1 #bjac1 the bonus depreciation amount determined under section #afh7k77#d7 of such ,code for such year shall be the sum of-- 7i7 such amount determined without regard to the amendments made by this section and-- 7,i7 by taking into account only property placed in service before ,january #a1 #bjad1 and 7,,ii7 by multiplying the limitation under section #afh7k77#d77;,c77ii7 of such ,code 7determined without regard to the amendments made by this section7 by a fraction the numerator of which is the number of days in the taxable year before ,january #a1 #bjad1 and the denominator of which is the number of days in the taxable year1 and 7ii7 such amount determined after taking into account the amendments made by this section and-- 7,i7 by taking into account only property placed in service after ,december #ca1 #bjac1 and 7,,ii7 by multiplying the limitation under section #afh7k77#d77;,b77ii7 of such ,code 7as amended by this section7 by a fraction the numerator of which is the number of days in the taxable year after ,december #ca1 #bjac1 and the denominator of which is the number of days in the taxable year4 7#c7 ,technical amendment ,the amendment made by subsection 7e7 shall take effect as if included in the provision of the ,american ,taxpayer ,relief ,act of #bjab to which it relates4