Page:United States Statutes at Large Volume 124.djvu/3331

 124 STAT. 3305 PUBLIC LAW 111–312—DEC. 17, 2010 ‘‘(II) the business credit increase amount under subparagraph (E)(iii) thereof. ‘‘(ii) TAXPAYERS PREVIOUSLY ELECTING ACCELERA- TION.—In the case of a taxpayer who made the election under subparagraph (A) for its first taxable year ending after March 31, 2008, or a taxpayer who made the election under subparagraph (H)(ii) for its first taxable year ending after December 31, 2008— ‘‘(I) the taxpayer may elect not to have this paragraph apply to round 2 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 2 extension property. The amounts described in subclause (II) shall be com- puted separately from any amounts computed with respect to eligible qualified property which is not round 2 extension property. ‘‘(iii) TAXPAYERS NOT PREVIOUSLY ELECTING ACCEL- ERATION.—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 elec- tion under subparagraph (H)(ii) for its first taxable year ending after December 31, 2008— ‘‘(I) the taxpayer may elect to have this para- graph apply to its first taxable year ending after December 31, 2010, 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 2 exten- sion property. ‘‘(iv) ROUND 2 EXTENSION PROPERTY.—For purposes of this subparagraph, the term ‘round 2 extension prop- erty’ means property which is eligible qualified prop- erty solely by reason of the extension of the application of the special allowance under paragraph (1) pursuant to the amendments made by section 401(a) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (and the application of such extension to this paragraph pursuant to the amend- ment made by section 401(c)(1) of such Act).’’. (d) CONFORMING AMENDMENTS.— (1) The heading for subsection (k) of section 168 is amended by striking ‘‘JANUARY 1, 2011’’ and inserting ‘‘JANUARY 1, 2013’’. (2) The heading for clause (ii) of section 168(k)(2)(B) is amended by striking ‘‘PRE-JANUARY 1, 2011’’ and inserting ‘‘PRE- JANUARY 1, 2013’’. (3) Subparagraph (D) of section 168(k)(4) is amended— (A) by striking clauses (iv) and (v), (B) by inserting ‘‘and’’ at the end of clause (ii), and (C) by striking the comma at the end of clause (iii) and inserting a period. (4) Paragraph (5) of section 168(l) is amended— 26 USC 168.