SPECIAL ALLOWANCE FOR CERTAIN PROPERTY ACQUIRED DURING 2008.

SEC. 103. SPECIAL ALLOWANCE FOR CERTAIN PROPERTY ACQUIRED DURING 2008.(a) In General.—Subsection (k) of section 168 of the Internal Revenue Code of 1986 (relating to special allowance for certain property acquired after September 10, 2001, and before January 1, 2005) is amended—(1) by striking “September 10, 2001” each place it appears and inserting “December 31, 2007”,(2) by striking “September 11, 2001” each place it appears and inserting “January 1, 2008”,(3) by striking “January 1, 2005” each place it appears and inserting “January 1, 2009”, and(4) by striking “January 1, 2006” each place it appears and inserting “January 1, 2010”.(b) 50 Percent Allowance.—Subparagraph (A) of section 168(k)(1) of such Code is amended by striking “30 percent” and inserting “50 percent”.(c) Conforming Amendments.—(1) Subclause (I) of section 168(k)(2)(B)(i) of such Code is amended by striking “and (iii)” and inserting “(iii), and (iv)”.(2) Subclause (IV) of section 168(k)(2)(B)(i) of such Code is amended by striking “clauses (ii) and (iii)” and inserting “clause (iii)”.(3) Clause (i) of section 168(k)(2)(C) of such Code is amended by striking “and (iii)” and inserting “, (iii), and (iv)”.(4) Clause (i) of section 168(k)(2)(F) of such Code is amended by striking “$4,600” and inserting “$8,000”.(5)(A) Subsection (k) of section 168 of such Code is amended by striking paragraph (4).(B) Clause (iii) of section 168(k)(2)(D) of such Code is amended by striking the last sentence.(6) Paragraph (4) of section 168(l) of such Code is amended by redesignating subparagraphs (A), (B), and (C) as subparagraphs (B), (C), and (D) and inserting before subparagraph (B) (as so redesignated) the following new subparagraph:“(A) Bonus depreciation property under subsection (k).—Such term shall not include any property to which section 168(k) applies.”.(7) Paragraph (5) of section 168(l) of such Code is amended—122 STAT. 619(A) by striking “September 10, 2001” in subparagraph (A) and inserting “December 31, 2007”, and(B) by striking “January 1, 2005” in subparagraph (B) and inserting “January 1, 2009”.(8) Subparagraph (D) of section 1400L(b)(2) of such Code is amended by striking “January 1, 2005” and inserting “January 1, 2010”.(9) Paragraph (3) of section 1400N(d) of such Code is amended—(A) by striking “September 10, 2001” in subparagraph (A) and inserting “December 31, 2007”, and(B) by striking “January 1, 2005” in subparagraph (B) and inserting “January 1, 2009”.(10) Paragraph (6) of section 1400N(d) of such Code is amended by adding at the end the following new subparagraph:“(E) Exception for bonus depreciation property under section 168(k).—The term ‘specified Gulf Opportunity Zone extension property’ shall not include any property to which section 168(k) applies.”.(11) The heading for subsection (k) of section 168 of such Code is amended—(A) by striking “September 10, 2001” and inserting “December 31, 2007”, and(B) by striking “January 1, 2005” and inserting “January 1, 2009”.(12) The heading for clause (ii) of section 168(k)(2)(B) of such Code is amended by striking “pre-january 1, 2005” and inserting “pre-january 1, 2009”.(d) Effective Date.—The amendments made by this section shall apply to property placed in service after December 31, 2007, in taxable years ending after such date.