Page:United States Statutes at Large Volume 124.djvu/3332

 124 STAT. 3306 PUBLIC LAW 111–312—DEC. 17, 2010 (A) by inserting ‘‘and’’ at the end of subparagraph (A), (B) by striking subparagraph (B), and (C) by redesignating subparagraph (C) as subpara- graph (B). (5) Subparagraph (C) of section 168(n)(2) is amended by striking ‘‘January 1, 2011’’ and inserting ‘‘January 1, 2013’’. (6) Subparagraph (D) of section 1400L(b)(2) is amended by striking ‘‘January 1, 2011’’ and inserting ‘‘January 1, 2013’’. (7) Subparagraph (B) of section 1400N(d)(3) is amended by striking ‘‘January 1, 2011’’ and inserting ‘‘January 1, 2013’’. (e) EFFECTIVE DATES.— (1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to property placed in service after December 31, 2010, in taxable years ending after such date. (2) TEMPORARY 100 PERCENT EXPENSING.—The amendment made by subsection (b) shall apply to property placed in service after September 8, 2010, in taxable years ending after such date. SEC. 402. TEMPORARY EXTENSION OF INCREASED SMALL BUSINESS EXPENSING. (a) DOLLAR LIMITATION.—Section 179(b)(1) is amended by striking ‘‘and’’ at the end of subparagraph (B) and by striking subparagraph (C) and inserting the following new subparagraphs: ‘‘(C) $125,000 in the case of taxable years beginning in 2012, and ‘‘(D) $25,000 in the case of taxable years beginning after 2012.’’. (b) REDUCTION IN LIMITATION.—Section 179(b)(2) is amended by striking ‘‘and’’ at the end of subparagraph (B) and by striking subparagraph (C) and inserting the following new subparagraphs: ‘‘(C) $500,000 in the case of taxable years beginning in 2012, and ‘‘(D) $200,000 in the case of taxable years beginning after 2012.’’. (c) INFLATION ADJUSTMENT.—Subsection (b) of section 179 is amended by adding at the end the following new paragraph: ‘‘(6) INFLATION ADJUSTMENT.— ‘‘(A) IN GENERAL.—In the case of any taxable year beginning in calendar year 2012, the $125,000 and $500,000 amounts in paragraphs (1)(C) and (2)(C) shall each be increased by an amount equal to— ‘‘(i) such dollar amount, multiplied by ‘‘(ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, by substituting ‘calendar year 2006’ for ‘calendar year 1992’ in subparagraph (B) thereof. ‘‘(B) ROUNDING.— ‘‘(i) DOLLAR LIMITATION.—If the amount in para- graph (1) as increased under subparagraph (A) is not a multiple of $1,000, such amount shall be rounded to the nearest multiple of $1,000. ‘‘(ii) PHASEOUT AMOUNT.—If the amount in para- graph (2) as increased under subparagraph (A) is not Applicability. 26 USC 168 note. 26 USC 168.