To amend the Internal Revenue Code of 1986 to increase and make permanent the election to expense certain refineries.

Amends the Internal Revenue Code to increase the expensing allowance for qualified refinery property from 50 to 100% of its cost for property placed in service after July 15, 2008, and before January 1, 2012. Makes permanent the 50% expensing allowance for such property.

[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 6612 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6612

    To amend the Internal Revenue Code of 1986 to increase and make 
         permanent the election to expense certain refineries.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 24, 2008

Mr. Cazayoux (for himself, Mr. Jefferson, and Mr. Childers) introduced 
  the following bill; which was referred to the Committee on Ways and 
                                 Means

_______________________________________________________________________

                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to increase and make 
         permanent the election to expense certain refineries.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. ELECTION TO EXPENSE CERTAIN REFINERIES INCREASED AND MADE 
              PERMANENT.

    (a) Deduction Temporarily Increased to 100 Percent.--Subsection (a) 
of section 179C of the Internal Revenue Code of 1986 (relating to 
election to expense certain refineries) is amended by adding at the end 
the following new sentence: ``In the case of qualified refinery 
property placed in service after July 15, 2008, and before January 1, 
2012, the preceding sentence shall be applied by substituting `100 
percent' for `50 percent'.''.
    (b) Deduction Made Permanent.--Paragraph (1) of section 179C(c) of 
such Code is amended--
            (1) by striking ``and before January 1, 2012'' in 
        subparagraph (B),
            (2) by adding ``and'' at the end of subparagraph (D),
            (3) by striking ``, and'' at the end of subparagraph (E) 
        and inserting a period, and
            (4) by striking subparagraph (F).
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after July 15, 2008.
                                 <all>