II 

114TH CONGRESS 

1ST SESSION S. 1666 

To amend the Internal Revenue Code of 1986 to increase the limitation 

on the election to accelerate the AMT credit in lieu of bonus depreciation 

for 2015 and 2016, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JUNE 24, 2015 

Ms. STABENOW (for herself, Mr. ROBERTS, Mr. BROWN, and Mr. BLUNT) introduced the following bill; which was read twice and referred to the Committee on Finance 

A BILL 

To amend the Internal Revenue Code of 1986 to increase 

the limitation on the election to accelerate the AMT 

credit in lieu of bonus depreciation for 2015 and 2016, 

and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. EXTENSION OF BONUS DEPRECIATION. 

4 (a) IN GENERAL.—Paragraph (2) of section 168(k) 

5 of the Internal Revenue Code of 1986 is amended— 

6 (1) by striking ‘‘January 1, 2016’’ in subpara7 graph (A)(iv) and inserting ‘‘January 1, 2018’’, and 


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1 (2) by striking ‘‘January 1, 2015’’ each place 

2 it appears and inserting ‘‘January 1, 2017’’. 

3 (b) SPECIAL RULE FOR FEDERAL LONG-TERM CON4 TRACTS.—Clause (ii) of section 460(c)(6)(B) of the Inter5 nal Revenue Code of 1986 is amended by striking ‘‘Janu6 ary 1, 2015 (January 1, 2016’’ and inserting ‘‘January 

7 1, 2017 (January 1, 2018’’. 

8 (c) CONFORMING AMENDMENTS.— 

9 (1) The heading for subsection (k) of section 

10 168 of the Internal Revenue Code of 1986 is amend11 ed by striking ‘‘JANUARY 1, 2015’’ and inserting 

12 ‘‘JANUARY 1, 2017’’. 

13 (2) The heading for clause (ii) of section 

14 168(k)(2)(B) of such Code is amended by striking 

15 ‘‘PRE-JANUARY 1, 2015’’ and inserting ‘‘PRE-JANU16 ARY 1, 2017’’. 

17 (3) Section 168(k)(4)(D)(iii)(II) of such Code is 

18 amended by striking ‘‘January 1, 2015’’ and insert19 ing ‘‘January 1, 2017’’. 

20 (4) Section 168(l)(4) of such Code is amended 

21 by striking ‘‘and’’ at the end of subparagraph (A), 

22 by redesignating subparagraph (B) as subparagraph 

23 (C), and by inserting after subparagraph (A) the fol24 lowing new subparagraph: 


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1 ‘‘(B) by substituting ‘January 1, 2015’ for 

2 ‘January 1, 2017’ in clause (i) thereof, and’’. 

3 (5) Clause (ii) of section 168(n)(2)(C) of such 

4 Code is amended by striking ‘‘January 1, 2015’’ and 

5 inserting ‘‘January 1, 2017’’. 

6 (6) Subparagraph (D) of section 1400L(b)(2) 

7 of such Code is amended by striking ‘‘January 1, 

8 2015’’ and inserting ‘‘January 1, 2017’’. 

9 (7) Subparagraph (B) of section 1400N(d)(3) 

10 of such Code is amended by striking ‘‘January 1, 

11 2015’’ and inserting ‘‘January 1, 2017’’. 

12 (d) ELECTION TO ACCELERATE THE AMT CREDIT

13 IN LIEU OF BONUS DEPRECIATION.—Paragraph (4) of 

14 section 168(k) of such Code is amended by adding at the 

15 end the following new subparagraph: 

16 ‘‘(L) SPECIAL RULES FOR ROUND 5 EX17 TENSION PROPERTY.— 

18 ‘‘(i) IN GENERAL.—In the case of any 

19 round 5 extension property, in applying 

20 this paragraph to any taxpayer, the limita21 tion described in subparagraph (B)(i) and 

22 the business credit increase amount under 

23 subparagraph (E)(iii) thereof shall not 

24 apply, and the bonus depreciation amount, 


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1 maximum amount, and maximum increase 

2 amount— 

3 ‘‘(I) shall be computed separately 

4 from amounts computed with respect 

5 to eligible qualified property which is 

6 not round 5 extension property, and 

7 ‘‘(II) shall be computed sepa8 rately with respect to round 5 exten9 sion property placed in service before 

10 January 1, 2016 (January 1, 2017, in 

11 the case of property described in sub12 paragraph (B) or (C) of paragraph 

13 (2)) and with respect to other round 

14 5 extension property. 

15 ‘‘(ii) ELECTION.— 

16 ‘‘(I) A taxpayer who has an elec17 tion in effect under this paragraph for 

18 round 4 extension property shall be 

19 treated as having an election in effect 

20 for round 5 extension property unless 

21 the taxpayer elects to not have this 

22 paragraph apply to round 5 extension 

23 property. 

24 ‘‘(II) A taxpayer who does not 

25 have an election in effect under this 


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1 paragraph for round 4 extension prop2 erty may elect to have this paragraph 

3 apply to round 5 extension property. 

4 ‘‘(iii) ROUND 5 EXTENSION PROP5 ERTY.—For purposes of this subpara6 graph, the term ‘round 5 extension prop7 erty’ means property which is eligible 

8 qualified property solely by reason of the 

9 extension of the application of the special 

10 allowance under paragraph (1) pursuant to 

11 the amendments made by section 1 of the 

12 Act entitled ‘an Act to amend the Internal 

13 Revenue Code of 1986 to increase the limi14 tation on the election to accelerate the 

15 AMT credit in lieu of bonus depreciation 

16 for 2015 and 2016, and for other pur17 poses’ (and the application of such exten18 sion to this paragraph pursuant to the 

19 amendment made by section 1(d) of such 

20 Act). 

21 ‘‘(iv) SPECIAL MAXIMUM INCREASE

22 AMOUNT.—In the case of round 5 exten23 sion property placed in service by a cor24 poration, subparagraph (C)(iii) shall not 

25 apply and the term ‘maximum increase 


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1 amount’ shall mean an amount equal to 

2 the lesser of— 

3 ‘‘(I) 50 percent of the minimum 

4 tax credit under section 53(b) for the 

5 first taxable year ending after Decem6 ber 31, 2014, or 

7 ‘‘(II) the minimum tax credit 

8 under section 53(b) for such taxable 

9 year determined by taking into ac10 count only the adjusted net minimum 

11 tax for taxable years ending before 

12 January 1, 2015 (determined by 

13 treating credits as allowed on a first14 in, first-out basis).’’. 

15 (e) EFFECTIVE DATE.—The amendments made by 

16 this section shall apply to property placed in service after 

17 December 31, 2014, in taxable years ending after such 

18 date. 

Æ 


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