12 2 STA T . 22 8 2 PUBLIC LA W 11 0– 2 46—J U NE 18 , 2008 ‘ ‘ (f)CREDITFO R S E CU RIT Y OF AG RICU L TUR A LC H E M ICAL S.—Node d ucti o nshal l b e allo w ed fo r that p ortion of the e x penses otherwise allowable as a deduction ta k en into account in deter m inin g the credit under section 45O for the taxable y ear which is e q ual to the amount of the credit determined for such taxable year under section 45O(a). ’ ’. (d) CLERICAL AME N DMENT.— T he table of sections for subpart D of part IV of subchapter A of chapter 1 is amended by adding at the end the following new item
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‘ Sec.45O . Agri c ult ur a lc h e m ical s securit y cre d it. ’ ’. (e) E FFECTI V E DATE.—The amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act. SEC.1534 4.3 -Y E ARD E P REC I A T I ONF OR RACE H ORSES THAT ARE 2 - YEARS O L DORYO U N G ER. (a) IN G ENERAL.—Clause (i) of section 1 68 (e)( 3 )(A) (relating to3 - year property) is amended to read as follows: ‘‘(i) any race horse— ‘‘(I) which is placed in ser v ice before J anuary 1 ,20 14, and ‘‘(II) which is placed in service after December 31, 2013, and which is more than 2 years old at the time such horse is placed in service by such purchaser,’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to property placed in service after December 31, 2008. SEC. 15345. TE M PORARY TA X RELIEF FOR K IO W A COUNTY , KANSAS AND SURROUNDING AREA. (a) IN GENERAL.—Sub j ect to the modifications described in this section, the following provisions of or relating to the Internal R ev- enue Code of 1 9 86 shall apply to the K ansas disaster area in addition to the areas to which such provisions otherwise apply: (1) Section 1400N(d) of such Code (relating to special allow- ance for certain property). (2) Section 1400N(e) of such Code (relating to increase in expensing under section 1 7 9). (3) Section 1400N(f) of such Code (relating to expensing for certain demolition and clean-up costs). (4) Section 1400N(k) of such Code (relating to treatment of net operating losses attributable to storm losses). (5) Section 1400N(n) of such Code (relating to treatment of representations regarding income eligibility for purposes of qualified rental project requirements). (6) Section 1400N(o) of such Code (relating to treatment of public utility property disaster losses). (7) Section 1400 Q of such Code (relating to special rules for use of retirement funds). (8) Section 1400R(a) of such Code (relating to employee retention credit for employers). (9) Section 1400S(b) of such Code (relating to suspension of certain limitations on personal casualty losses). (10) Section 405 of the Katrina Emergency Tax Relief Act of 2005 (relating to extension of replacement period for non- recognition of gain). Ap p licab ili ty.26USC1 6 8no t e . 26 USC 168. 26 USC 3 8 note.
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