110th CONGRESS
1st Session
H. R. 827
To amend the Internal Revenue Code of 1986 to extend bonus depreciation
for 2 years.
IN THE HOUSE OF REPRESENTATIVES
February 5, 2007
Mr. WILSON of South Carolina 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 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 2007'.
SEC. 2. 2-YEAR EXTENSION OF BONUS DEPRECIATION.
(a) 50-Percent Bonus Depreciation- Section 168(k)(4) of the Internal Revenue
Code of 1986 is amended--
(1) by striking `January 1, 2005' each place it appears and inserting
`January 1, 2007', and
(2) in subparagraph (B)(iii) by striking `January 1, 2006' and inserting
`January 1, 2008'.
(b) 30-Percent Bonus Depreciation- Section 168(k)(2) of such Code is amended--
(1) by striking `January 1, 2005' each place it appears and inserting
`January 1, 2007', and
(2) in subparagraph (A)(iv) by striking `January 1, 2006' and inserting
`January 1, 2008'.
(c) New York Liberty Zone- The last sentence of section 1400L(b)(2)(A) of
such Code is amended by striking `December 31, 2006 (December 31, 2009'
and inserting `December 31, 2008 (December 31, 2011'.
(d) Conforming Amendment- The subsection heading for section 168(k) of such
Code is amended by striking `January 1, 2005' and inserting `January 1,
2007'.
(e) Effective Date- The amendments made by this section shall apply to property
placed in service after December 31, 2004.
END
