Sec. 331. EXTENSION AND MODIFICATION OF BONUS DEPRECIATION
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## SEC. 331 EXTENSION AND MODIFICATION OF BONUS DEPRECIATION ###
(a)In General Paragraph
(2)of section 168(k) is amended— ####
(1)by striking “January 1, 2014” in subparagraph (A)(iv) and inserting “January 1, 2015”, and ####
(2)by striking “January 1, 2013” each place it appears and inserting “January 1, 2014”. ###
(b)Special Rule for Federal Long-Term Contracts **[**[26 U.S.C. 460](/us/usc/t26/s460)**]** Clause
(ii)of section 460(c)(6)(B) is amended by inserting “, or after December 31, 2012, and before January 1, 2014 (January 1, 2015, in the case of property described in section 168(k)(2)(B))” before the period. ###
(c)Extension of Election To Accelerate the AMT Credit in Lieu of Bonus Depreciation ####
(1)In general Subclause
(II)of section 168(k)(4)(D)(iii) is amended by striking “2013” and inserting “2014”. ####
(2)Round 3 extension property Paragraph
(4)of section 168(k) is amended by adding at the end the following new subparagraph: > > ##### “(J) Special rules for round 3 extension property > > > ###### “(i) In general > > In the case of round 3 extension property, this paragraph shall be applied without regard to— > > > ###### “(I) > > the limitation described in subparagraph (B)(i) thereof, and > > > ###### “(II) > > the business credit increase amount under subparagraph (E)(iii) thereof. > > > ###### “(ii) Taxpayers previously electing acceleration > > In the case of a taxpayer who made the election under subparagraph
(A)for its first taxable year ending after March 31, 2008, a taxpayer who made the election under subparagraph (H)(ii) for its first taxable year ending after December 31, 2008, or a taxpayer who made the election under subparagraph (I)(iii) for its first taxable year ending after December 31, 2010— > > > ###### “(I) > > the taxpayer may elect not to have this paragraph apply to round 3 extension property, but > > > ###### “(II) > > if the taxpayer does not make the election under subclause (I), in applying this paragraph to the taxpayer the bonus depreciation amount, maximum amount, and maximum increase amount shall be computed and applied to eligible qualified property which is round 3 extension property. > > The amounts described in subclause
(II)shall be computed separately from any amounts computed with respect to eligible qualified property which is not round 3 extension property. > > > ###### “(iii) Taxpayers not previously electing acceleration > > In the case of a taxpayer who neither made the election under subparagraph
(A)for its first taxable year ending after March 31, 2008, nor made the election under subparagraph (H)(ii) for its first taxable year ending after December 31, 2008, nor made the election under subparagraph (I)(iii) for any taxable year ending after December 31, 2010— > > > ###### “(I) > > the taxpayer may elect to have this paragraph apply to its first taxable year ending after December 31, 2012, and each subsequent taxable year, and > > > ###### “(II) > > if the taxpayer makes the election under subclause (I), this paragraph shall only apply to eligible qualified property which is round 3 extension property. > > > ###### “(iv) Round 3 extension property > > For purposes of this subparagraph, the term ‘round 3 extension property’ means property which is eligible qualified property solely by reason of the extension of the application of the special allowance under paragraph
(1)pursuant to the amendments made by section 331(a) of the American Taxpayer Relief Act of 2012 (and the application of such extension to this paragraph pursuant to the amendment made by section 331(c)(1) of such Act).” > . ###
(d)Normalization Rules Amendment **[**[26 U.S.C. 168](/us/usc/t26/s168)**]** Clause
(ii)of section 168(i)(9)(A) is amended by inserting “(respecting all elections made by the taxpayer under this section)” after “such property”. ###
(e)Conforming Amendments ####
(1)The heading for subsection
(k)of section 168 is amended by striking “January 1, 2013” and inserting “January 1, 2014”. ####
(2)The heading for clause
(ii)of section 168(k)(2)(B) is amended by striking “pre-january 1, 2013” and inserting “pre-january 1, 2014”. ####
(3)Subparagraph
(C)of section 168(n)(2) is amended by striking “January 1, 2013” and inserting “January 1, 2014”. ####
(4)Subparagraph
(D)of section 1400L(b)(2) is amended by striking “January 1, 2013” and inserting “January 1, 2014”. ####
(5)Subparagraph
(B)of section 1400N(d)(3) is amended by striking “January 1, 2013” and inserting “January 1, 2014”. ###
(f)Effective Date **[**[26 U.S.C. 168 note](/us/usc/t26/s168)**]** The amendments made by this section shall apply to property placed in service after December 31, 2012, in taxable years ending after such date. # TITLE IV ENERGY TAX EXTENDERS
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