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HR 3366 IH
112th CONGRESS
1st Session
H. R. 3366
To amend the Internal Revenue Code of 1986 to clarify that bonus depreciation is not a cost allocated to a contract under the percentage of completion method for long-term contracts.
IN THE HOUSE OF REPRESENTATIVES
November 4, 2011
Mr. SAM JOHNSON of Texas (for himself and Mr. NEAL) 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 clarify that bonus depreciation is not a cost allocated to a contract under the percentage of completion method for long-term contracts.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. CLARIFICATION THAT BONUS DEPRECIATION IS NOT A COST ALLOCATED TO A CONTRACT UNDER THE PERCENTAGE OF COMPLETION METHOD FOR LONG-TERM CONTRACTS.
(a) In General- Clause (ii) of section 460(c)(6)(B) of the Internal Revenue Code of 1986 is amended--
(1) by striking ‘2011’ and inserting ‘2013’, and
(2) by striking ‘2012’ and inserting ‘2014’.
(b) Effective Date- The amendments made by this section shall apply to property placed in service after December 31, 2010.
U.S. Congress - Text of H.R.3366 as Introduced in House To amend the Internal Revenue Code of 1986 to clarify that bonus depreciation is not a ...
