Page:United States Statutes at Large Volume 122.djvu/3872

 12 2 STA T .3849PUBLIC LA W 11 0– 343 —O CT. 3 , 2008 ‘ ‘ (i i )prov i d i ng r eal-t i m e , t w o-wa yc omm u nication s to monitor or manage suc h grid, and ‘‘(iii) providing real time analysis o f and event prediction b ased upon collected data that can be used to improve electric distribution system reliability, q uality, and performance .’ ’. (c) CONTI N UEDAP P L I CA TION O F150P E R CENT D ECLININ GB AL- ANCE M ET H OD. — Paragraph ( 2 ) of section 1 68 (b) is amended by stri k ing ‘‘or’’ at the end of subparagraph (B), by redesignating subparagraph (C) as subparagraph (D), and by inserting after subparagraph (B) the following new subparagraph

‘‘(C) any property (other than property described in paragraph ( 3 )) which is a qualified smart electric meter or qualified smart electric grid system, or’’. (d) E FFECTI V E DATE.— T he amendments made by this section shall apply to property placed in service after the date of the enactment of this Act. SEC.307 . QUALIF IE DGR EE NB UILDING AND SUS T AINABLE DESIGN P R OJ ECTS. (a) I N G ENERAL.—Paragraph (8) of section 1 4 2(l) is amended by striking ‘‘ S eptember 30, 200 9 ’’ and inserting ‘‘September 30, 2012’’. (b) TREAT M ENT OF CURRENT R EFUNDING BOND S .—Paragraph (9) of section 142(l) is amended by striking ‘‘ O ctober 1, 2009’’ and inserting ‘‘October 1, 2012’’. (c) ACCOUNTA B ILIT Y .—The second sentence of section 7 01(d) of the American J obs Creation Act of 2004 is amended by striking ‘‘issuance,’’ and inserting ‘‘issuance of the last issue with respect to such pro j ect,’’. SEC. 30 8 . SPECIAL DEPRECIATION ALLO W ANCE FOR CERTAIN REUSE AND REC Y CLING PROPERTY. (a) IN GENERAL.—Section 168 is amended by adding at the end the following new subsection: ‘‘(m) SPECIAL ALLO W ANCE FOR CERTAIN REUSE AND RECYCLING PROPERTY.— ‘‘(1) IN GENERAL.—In the case of any qualified reuse and recycling property— ‘‘(A) the depreciation deduction provided by section 167(a) for the ta x able year in which such property is placed in service shall include an allowance equal to 50 percent of the adjusted basis of the qualified reuse and recycling property, and ‘‘(B) the adjusted basis of the qualified reuse and recycling property shall be reduced by the amount of such deduction before computing the amount otherwise allow- able as a depreciation deduction under this chapter for such taxable year and any subsequent taxable year. ‘‘(2) Q UALIFIED REUSE AND RECYCLING PROPERTY.— F or pur- poses of this subsection— ‘‘(A) IN GENERAL.—The term ‘qualified reuse and recycling property’ means any reuse and recycling prop- erty— ‘‘(i) to which this section applies, ‘‘(ii) which has a useful life of at least 5 years, ‘‘(iii) the original use of which commences with the taxpayer after August 31, 2008, and Ef f ectiv e da te .26USC14 2 no te. Ap p l ica b ilit y . 26 USC 16 8 note. 26 USC 168.

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