Page:United States Statutes at Large Volume 122.djvu/2927

 12 2 STA T . 2 904PUBLIC LA W 110 – 2 8 9 —J UL Y3 0, 2008 Theag g r ega t ea moun t sd eterm i ned under su bcl auses (I) and (II) shall be determined w ithout regard to an y election made under subsection (b)( 2 )( C ) , (b)( 3 )( D ), or (g)( 7 ) and without regard to sub p aragraph ( A )(ii) .‘ ‘(ii) MAXIMU MAM O U NT . — The bonus depreciation amount f or any ta x able year shall not exceed the max - imum increase amount under clause (iii), reduced (but not below z ero) by the sum of the bonus depreciation amounts for all preceding taxable years. ‘‘(iii) MAXIMUM IN CRE A S E AMOUNT.— F or purposes of clause (ii), the term ‘maximum increase amount ’ means, with respect to any corporation, the lesser of— ‘‘(I) $ 3 0 ,000,000, or ‘‘(II) 6 percent of the sum of the business credit increase amount, and the AMT credit increase amount, determined with respect to such corpora- tion under subparagraph ( E ). ‘‘(i v )A G GREGATION RU L E.—All corporations which are treated as a single employer under section 5 2(a) shall be treated— ‘‘(I) as 1 taxpayer for purposes of this para- graph, and ‘‘(II) as having elected the application of this paragraph if any such corporation so elects. ‘‘(D) ELIGI B LE Q UALI F IE DP ROPERT Y .—For purposes of this paragraph, the term ‘eligible q ualified property’ means qualified property under paragraph (2), except that in applying paragraph (2) for purposes of this paragraph— ‘‘(i) ‘March 31, 200 8 ’ shall be substituted for ‘December 31, 2007’ each place it appears in subpara- graph (A) and clauses (i) and (ii) of subparagraph (E) thereof, and ‘‘(ii) only ad j usted basis attributable to manufac- ture, construction, or production after March 31, 2008, and before J anuary 1, 200 9, shall be ta k en into account under subparagraph ( B )(ii) thereof. ‘‘(E) ALLOCATION OF BONUS DEPRECIATION AMOUNTS.— ‘‘(i) IN GENERAL.— S ubject to clauses (ii) and (iii), the taxpayer shall, at such time and in such manner as the Secretary may prescribe, specify the portion (if any) of the bonus depreciation amount for the tax- able year which is to be allocated to each of the limita- tions described in subparagraph (B) for such taxable year. ‘‘(ii) L IMITATION ON ALLOCATIONS.—The portion of the bonus depreciation amount which may be allocated under clause (i) to the limitations described in subpara- graph (B) for any taxable year shall not exceed— ‘‘(I) in the case of the limitation described in subparagraph (B)(i), the excess of the business credit increase amount over the bonus depreciation amount allocated to such limitation for all pre- ceding taxable years, and ‘‘(II) in the case of the limitation described in subparagraph (B)(ii), the excess of the AMT credit increase amount over the bonus depreciation

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