Page:United States Statutes at Large Volume 116 Part 1.djvu/61

 PUBLIC LAW 107-147—MAR. 9, 2002 116 STAT. 35 "(2) QUALIFIED NEW YORK LIBERTY ZONE PROPERTY. —For purposes of this subsection— "(A) IN GENERAL.— The term 'qualified New York Liberty Zone property' means property— " (i)(I) which is described in section 168(k)(2)(A)(i), or "(11) which is nonresidential real property, or residential rental property, which is described in subparagraph (B), "(ii) substantially all of the use of which is in the New York Liberty Zone and is in the active conduct of a trade or business by the taxpayer in such Zone, "(iii) the original use of which in the New York Liberty Zone commences with the taxpayer after September 10, 2001, "(iv) which is acquired by the taxpayer by purchase (as defined in section 179(d)) after September 10, 2001, but only if no written binding contract for the acquisition was in effect before September 11, 2001, and "(v) which is placed in service by the tsixpayer on or before the termination date. The term 'termination date' means December 31, 2006 (December 31, 2009, in the case of nonresidential real property and residential rental property). "(B) ELIGIBLE REAL PROPERTY.— Nonresidential real property or residential rental property is described in this subparagraph only to the extent it rehabilitates real property damaged, or replaces real property destroyed or condemned, as a result of the September 11, 2001, terrorist attack. For purposes of the preceding sentence, property shall be treated as replacing real property destroyed or condemned if, as part of an integrated plan, such property replaces real property which is included in a continuous area which includes real property destroyed or condemned. "(C) EXCEPTIONS.— "(i) 30 PERCENT ADDITIONAL ALLOWANCE PROP- ERTY.— Such term shall not include property to which section 168(k) applies. "(ii) ALTERNATIVE DEPRECIATION PROPERTY. —The term 'qualified New York Liberty Zone property' shall not include any property described in section 168(k)(2)(C)(i). "(iii) QUALIFIED NEW YORK LIBERTY ZONE LEASE- HOLD IMPROVEMENT PROPERTY.— Such term shall not include any qualified New York Liberty Zone leasehold improvement property. "(iv) ELECTION OUT.—For purposes of this sub- Applicability, section, rules similar to the rules of section 168(k)(2)(C)(iii) shall apply. "(D) SPECIAL RULES. —For purposes of this subsection. Applicability. rules similar to the rules of section 168(k)(2)(D) shall apply, except that clause (i) thereof shall be applied without regard to 'and before September 11, 2004'. "(E) ALLOWANCE AGAINST ALTERNATIVE MINIMUM TAX.— Applicability. For purposes of this subsection, rules similar to the rules of section 168(k)(2)(F) shall apply.

�