CERTAIN FARMING BUSINESS MACHINERY AND EQUIPMENT TREATED AS 5-YEAR PROPERTY.

SEC. 505. CERTAIN FARMING BUSINESS MACHINERY AND EQUIPMENT TREATED AS 5-YEAR PROPERTY.(a) In General.—Section 168(e)(3)(B) (defining 5-year property) is amended by striking “and” at the end of clause (v), by striking the period at the end of clause (vi)(III) and inserting “, and”, and by inserting after clause (vi) the following new clause:“(vii) any machinery or equipment (other than any grain bin, cotton ginning asset, fence, or other land improvement) which is used in a farming business (as defined in section 263A(e)(4)), the original use of which commences with the taxpayer after December 31, 2008, and which is placed in service before January 1, 2010.”.(b) Alternative System.—The table contained in section 168(g)(3)(B) (relating to special rule for certain property assigned to classes) is amended by inserting after the item relating to subparagraph (B)(iii) the following:122 STAT. 3880 (B)(vii)10”. (c) Effective Date.—The amendments made by this section shall apply to property placed in service after December 31, 2008.