12 2 STA T .39 2 8PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 2008 notap p ly toallp r op e rty i n such class place d in ser v ice durin g such ta x a b le year .‘ ‘ (C)SPECIALRU LE S . —F or purposes o f this subsection , rules si m ilar to the rules of subparagraph ( E ) of subsection ( k )( 2 ) shall apply, except that such subparagraph shall be applied— ‘‘(i) by substituting ‘the applicable disaster date ’ for ‘ D ecember 31 ,2 0 0 7 ’ each place it appears therein, ‘‘(ii) w ithout regard to ‘and before J anuary 1, 200 9 ’ in clause (i) thereof, and ‘‘(iii) by substituting ‘ q ualified disaster assistance property’ for ‘qualified property’ in clause (iv) thereof. ‘‘(D) A LL OW A N CEA G AINS T ALTERNATI V E M INIMUM TA X .—For purposes of this subsection, rules similar to the rules of subsection (k)(2)( G ) shall apply. ‘‘(3) O T H ER D E F INITIONS.—For purposes of this subsection— ‘‘(A) APPLICA B LE DISASTER DATE.— T he term ‘applicable disaster date’ means, with respect to any federally declared disaster, the date on which such federally declared disaster occurs. ‘‘( B ) FEDERALL Y DECLARED DISASTER.—The term ‘feder - ally declared disaster’ has the meaning given such term under section 1 65 (h)(3)(C)(i). ‘‘(C) DISASTER AREA.—The term ‘disaster area’ has the meaning given such term under section 165(h)(3)(C)(ii). ‘‘(D) ELIGIBLE TAXPAYER.—The term ‘eligible taxpayer’ means a taxpayer who has suffered an economic loss attrib- utable to a federally declared disaster. ‘‘( 4 ) R ECAPTURE.—For purposes of this subsection, rules similar to the rules under section 179(d)(10) shall apply with respect to any qualified disaster assistance property which ceases to be qualified disaster assistance property.’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to property placed in service after December 31, 2007, with respect disasters declared after such date. SEC.71 1. IN C R E A SE D E XP ENSIN GFO R QU A L IFIED DISAS T ER ASSIST - ANCE PROPERT Y . (a) I N GENERAL.—Section 179 is amended by adding at the end the following new subsection
‘‘(e) SPECIAL RULES FOR Q UALIFIED DISASTER ASSISTANCE P ROP- ERTY.— ‘‘(1) IN GENERAL.—For purposes of this section— ‘‘(A) the dollar amount in effect under subsection (b)(1) for the taxable year shall be increased by the lesser of— ‘‘(i) $ 100,000, or ‘‘(ii) the cost of qualified section 179 disaster assist- ance property placed in service during the taxable year, and ‘‘(B) the dollar amount in effect under subsection (b)(2) for the taxable year shall be increased by the lesser of— ‘‘(i) $600,000, or ‘‘(ii) the cost of qualified section 179 disaster assist- ance property placed in service during the taxable year. 26USC179. 26 USC 16 8note . Ap p licab ilit y . Applicability.
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