To amend the Internal Revenue Code of 1986 to extend bonus depreciation for 2 years.

July 24, 2003

Mr. WILSON of South Carolina introduced the following bill; which was referred to the Committee on Ways and Means

To amend the Internal Revenue Code of 1986 to extend bonus depreciation for 2 years.

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 `Bonus Depreciation Extension Act of 2003'.

SEC. 2. 2-YEAR EXTENSION OF BONUS DEPRECIATION.

(a) 50-Percent Bonus Depreciation- Section 168(k)(4) of the Internal Revenue Code of 1986 (as amended by the Jobs and Growth Tax Relief Reconciliation Act of 2003) is amended by striking `January 1, 2005' each place it appears and inserting `January 1, 2007'.

(b) 30-Percent Bonus Depreciation- Section 168(k)(2) of such Code (as so amended) is amended by striking `January 1, 2005' each place it appears and inserting `January 1, 2007'.

(c) CONFORMING AMENDMENT- The subsection heading for section 168(k) of such Code (as so amended) is amended by striking `JANUARY 1, 2005' and inserting `JANUARY 1, 2007'.

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