Sec. 167. Extension and modification of accelerated depreciation for business property on an Indian reservation

120 words·~1 min read·/bill/114/hr/2029/eah/section-167

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Section 168(j)(8) is amended by striking December 31, 2014 and inserting December 31, 2016 . Section 168(j) is amended by redesignating paragraph (8), as amended by subsection (a), as paragraph (9), and by inserting after paragraph

(7)the following new paragraph: If a taxpayer makes an election under this paragraph with respect to any class of property for any taxable year, this subsection shall not apply to all property in such class placed in service during such taxable year. Such election, once made, shall be irrevocable. . The amendment made by subsection

(a)shall apply to property placed in service after December 31, 2014. The amendments made by subsection

(b)shall apply to taxable years beginning after December 31, 2015.