[Congressional Bills 110th Congress] [From the U.S. Government Publishing Office] [H.R. 827 Introduced in House (IH)] 110th CONGRESS 1st Session H. R. 827 To amend the Internal Revenue Code of 1986 to extend bonus depreciation for 2 years. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES February 5, 2007 Mr. Wilson of South Carolina introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to extend bonus depreciation for 2 years. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Bonus Depreciation Extension Act of 2007''. SEC. 2. 2-YEAR EXTENSION OF BONUS DEPRECIATION. (a) 50-Percent Bonus Depreciation.--Section 168(k)(4) of the Internal Revenue Code of 1986 is amended-- (1) by striking ``January 1, 2005'' each place it appears and inserting ``January 1, 2007'', and (2) in subparagraph (B)(iii) by striking ``January 1, 2006'' and inserting ``January 1, 2008''. (b) 30-Percent Bonus Depreciation.--Section 168(k)(2) of such Code is amended-- (1) by striking ``January 1, 2005'' each place it appears and inserting ``January 1, 2007'', and (2) in subparagraph (A)(iv) by striking ``January 1, 2006'' and inserting ``January 1, 2008''. (c) New York Liberty Zone.--The last sentence of section 1400L(b)(2)(A) of such Code is amended by striking ``December 31, 2006 (December 31, 2009'' and inserting ``December 31, 2008 (December 31, 2011''. (d) Conforming Amendment.--The subsection heading for section 168(k) of such Code is amended by striking ``January 1, 2005'' and inserting ``January 1, 2007''. (e) Effective Date.--The amendments made by this section shall apply to property placed in service after December 31, 2004. <all>