123STA T . 33 4PUBLIC LA W 111 –5—FE B.1 7, 2 0 0 9(i)bystr i k i ng‘ ‘ a n d’ ’att he end ofcl a u se (i) , (ii) by redesignating clause (ii) as clause (iii), and (iii) by inserting after clause (i) the follo w ing new clause
‘‘(ii) ‘ Ap ril 1 , 20 0 8 ’ shall be substituted for ‘ J anuary 1, 2008’ in subparagraph (A)(iii)( I ) thereof, and’’ . ( B ) S ubparagraph (A) of section 6 211(b)( 4 )isa m ended by inserting ‘‘168(k)(4),’’ after ‘‘ 53 (e),’’. (b) EXTENSIO NO F E L E C TION TO ACCELE RA TET H EA M TAN DR ESEARCH C REDITS IN L IE U OF BONUS D E P RECIATION. — (1) IN G ENERAL.—Section 168(k)(4) (relating to election to accelerate the A MT and research credits in lieu of bonus depre - ciation) is amended— (A) by striking ‘‘200 9 ’’ and inserting ‘‘2010’’in subpara- graph (D)(iii) (as redesignated by subsection (a)(3)), and (B) by adding at the end the following new subpara- graph: ‘‘( H ) SPECIAL RULES FOR EXTENSION PROPERT Y .— ‘‘(i) TAXPAYERS PRE V IOUSLY ELECTING ACCELERA- TION.—In the case of a ta x payer who made the election under subparagraph (A) for its first taxable year ending after March 31, 2008— ‘‘(I) the taxpayer may elect not to ha v e this paragraph apply to extension property, but ‘‘(II) if the taxpayer does not make the election under subclause (I), in applying this paragraph to the taxpayer a separate bonus depreciation amount, maximum amount, and maximum increase amount shall be computed and applied to eligible q ualified property which is extension property and to eligible qualified property which is not extension property. ‘‘(ii) TAXPAYERS NOT PREVIOUSLY ELECTING ACCEL- ERATION.—In the case of a taxpayer who did not make the election under subparagraph (A) for its first taxable year ending after March 31, 2008— ‘‘(I) the taxpayer may elect to have this para- graph apply to its first taxable year ending after December 31, 2008, and each subsequent taxable year, and ‘‘(II) if the taxpayer makes the election under subclause (I), this paragraph shall only apply to eligible qualified property which is extension prop- erty. ‘‘(iii) EXTENSION PROPERTY.— F or purposes of this subparagraph, the term ‘extension property’ means property which is eligible qualified property solely by reason of the extension of the application of the special allowance under paragraph (1) pursuant to the amend- ments made by section 1201(a) of the American Recovery and Reinvestment Tax Act of 2009 (and the application of such extension to this paragraph pursu- ant to the amendment made by section 1201(b)(1) of such Act).’’. (2) TECHNICAL AMENDMENT.—Section 6211(b)(4)(A) is amended by inserting ‘‘168(k)(4),’’ after ‘‘53(e),’’. (c) EFFECTIVE DATES.— Ap p licab ili ty.26USC1 6 8no t e . 26 USC 6211.
