Page:United States Statutes at Large Volume 122.djvu/3891

 12 2 STA T .386 8 PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 2008 ‘ ‘ (A)INGE NE RAL.—Thet e rm ‘ qualif ie d retail im p r ov e - me n t propert y’ mean s any improvement to an interior por- tion of a b uildin gw hi c h is nonresidential real property if— ‘‘(i) such portion is open to the general public and is used in the retail trade or business of selling tangible personal property to the general public , and ‘‘(ii) such improvement is placed in service more than 3 years after the date the building was first placed in service. ‘‘( B )I MP R OV EMEN TS MA D E BY O W NER.—In the case of an improvement made by the owner of such improvement, such improvement shall be qualified retail improvement property (if at all) only so long as such improvement is held by such owner. R ules similar to the rules under para- graph ( 6 )(B) shall apply for purposes of the preceding sen- tence. ‘‘( C ) CERTA I N IMPROVEMENTS NOT IN C L U DED.— S uch term shall not include any improvement for which the e x penditure is attributable to— ‘‘(i) the enlargement of the building, ‘‘(ii) any elevator or escalator, ‘‘(iii) any structural component benefitting a common area, or ‘‘(iv) the internal structural framewor k of the building. ‘‘( D ) EX CLUSION F ROM BONUS DEPRECIATION.— P roperty described in this paragraph shall not be considered quali- fied property for purposes of subsection (k). ‘‘(E) TERMINATION.—Such term shall not include any improvement placed in service after December 3 1, 20 0 9 .’’. (3) RE Q UIREMENT TO USE STRAIG H T LINE METHOD.—Section 16 8 (b)(3) is amended by adding at the end the following new subparagraph

‘‘(I) Q ualified retail improvement property described in subsection (e)(8).’’. ( 4 ) ALTERNATIVE SYSTEM.—The table contained in section 168(g)(3)(B) is amended by inserting after the item relating to subparagraph (E)(viii) the following new item: ‘‘(E)(ix) ............................................................................. 39’’. ( 5 ) EFFECTIVE DATE.—The amendments made by this sub- section shall apply to property placed in service after December 31, 2008. SEC.306 . MODIF IC AT IO N OF TA X T R EATMENT OF CERTAIN P A Y MENTS TO CONTRO L LIN G EXEMPT ORGANI Z ATIONS. (a) IN G ENERAL.—Clause (iv) of section 512(b)(13)(E) (relating to termination) is amended by striking ‘‘December 31, 200 7 ’’ and inserting ‘‘December 31, 2009’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to payments received or accrued after December 31, 2007. 26USC51 2 note. 26 USC 16 8 note. 26 USC 168.

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