To amend the Internal Revenue Code of 1986 to provide a 1-year extension of the increased expensing of certain depreciable business assets and the special depreciation allowance for certain business property.

Amends the Internal Revenue Code to extend through 2009: (1) the increased ($250,000) expensing allowance for depreciable business assets; and (2) the additional 50% depreciation allowance for certain types of investment property (bonus depreciation).