INCREASED EXPENSING FOR QUALIFIED DISASTER ASSISTANCE PROPERTY.

SEC. 711. INCREASED EXPENSING FOR QUALIFIED DISASTER ASSISTANCE PROPERTY.(a) In General.—Section 179 is amended by adding at the end the following new subsection:“(e) Special Rules for Qualified Disaster Assistance Property.—“(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 assistance 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 assistance property placed in service during the taxable year.122 STAT. 3929“(2) Qualified section 179 disaster assistance property.—For purposes of this subsection, the term ‘qualified section 179 disaster assistance property’ means section 179 property (as defined in subsection (d)) which is qualified disaster assistance property (as defined in section 168(n)(2)).“(3) Coordination with empowerment zones and renewal communities.—For purposes of sections 1397A and 1400J, qualified section 179 disaster assistance property shall not be treated as qualified zone property or qualified renewal property, unless the taxpayer elects not to take such qualified section 179 disaster assistance property into account for purposes of this subsection.“(4) Recapture.—For purposes of this subsection, rules similar to the rules under subsection (d)(10) shall apply with respect to any qualified section 179 disaster assistance property which ceases to be qualified section 179 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.