II 

111TH CONGRESS 

1ST SESSION S. 304 

To amend the Internal Revenue Code of 1986 to stimulate business 

investment, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JANUARY 22, 2009 

Mr. DORGAN 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 stimulate 

business investment, 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. SHORT TITLE. 

4 This Act may be cited as the ‘‘Main Street Recovery 

5 Act’’. 

6 SEC. 2. TEMPORARY REINSTATEMENT OF REGULAR IN7 VESTMENT TAX CREDIT. 

8 The current year business credit under section 38 of 

9 Internal Revenue Code of 1986 shall include the amount 

10 that would be determined under section 46(a) of such 


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1 Code (without regard to paragraphs (2) and (3) of such 

2 subsection) (as such Code was in effect before the amend3 ments made by the Revenue Reconciliation Act of 1990 

4 (Public Law 101–508)) with respect to property placed 

5 in service after 2008 and before July 1, 2010, if the reg6 ular percentage were 15 percent. 

7 SEC. 3. TEMPORARY EXTENSION AND MODIFICATION OF 

8 SPECIAL ALLOWANCE FOR CERTAIN PROP9 ERTY. 

10 (a) TEMPORARY EXTENSION.— 

11 (1) IN GENERAL.—Paragraph (2) of section 

12 168(k) of the Internal Revenue Code of 1986 is 

13 amended— 

14 (A) by striking ‘‘January 1, 2010’’ and in15 serting ‘‘July 1, 2011’’, and 

16 (B) by striking ‘‘January 1, 2009’’ each 

17 place it appears and inserting ‘‘July 1, 2010’’. 

18 (2) CONFORMING AMENDMENTS.— 

19 (A) The heading for subsection (k) of sec20 tion 168 of such Code is amended by striking 

21 ‘‘JANUARY 1, 2009’’ and inserting ‘‘JULY 1, 

22 2010’’. 

23 (B) The heading for clause (ii) of section 

24 168(k)(2)(B) of such Code is amended by strikVerDate Nov 24 2008 06:29 Jan 23, 2009 Jkt 079200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S304.IS S304

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1 ing ‘‘PRE-JANUARY 1, 2009’’ and inserting ‘‘PRE2 JULY 1, 2010’’. 

3 (C) Subparagraph (D) of section 168(k)(4) 

4 of such Code is amended— 

5 (i) by striking ‘‘and’’ at the end of 

6 clause (i), 

7 (ii) by redesignating clause (ii) as 

8 clause (v), and 

9 (iii) by inserting after clause (i) the 

10 following new clauses: 

11 ‘‘(ii) ‘April 1, 2008’ shall be sub12 stituted for ‘January 1, 2008’ in subpara13 graph (A)(iii)(I) thereof, 

14 ‘‘(iii) ‘January 1, 2009’ shall be sub15 stituted for ‘July 1, 2010’ each place it ap16 pears, 

17 ‘‘(iv) ‘January 1, 2010’ shall be sub18 stituted for ‘July 1, 2011’ in subparagraph 

19 (A)(iv) thereof, and’’. 

20 (D) Subparagraph (B) of section 168(l)(5) 

21 of such Code is amended by striking ‘‘January 

22 1, 2009’’ and inserting ‘‘July 1, 2010’’. 

23 (E) Subparagraph (B) of section 

24 1400N(d)(3) of such Code is amended by strikVerDate Nov 24 2008 06:29 Jan 23, 2009 Jkt 079200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S304.IS S304

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1 ing ‘‘January 1, 2009’’ and inserting ‘‘July 1, 

2 2010’’. 

3 (b) EXPANSION TO CERTAIN REAL PROPERTY.— 

4 (1) IN GENERAL.—Section 168(k)(2)(A)(i) of 

5 the Internal Revenue Code of 1986 is amended by 

6 striking ‘‘or’’ at the end of subclause (III), by insert7 ing ‘‘or’’ at the end of subclause (IV), and by insert8 ing after subclause (IV) the following new subclause: 

9 ‘‘(V) which is nonresidential real 

10 property or residential rental prop11 erty,’’. 

12 (2) CONFORMING AMENDMENTS.—Sections 

13 1400L(b)(2)(A)(i)(I) and 1400N(d)(2)(A)(i)(I) of 

14 such Code are each amended by inserting ‘‘subclause 

15 (I), (II), (III), or (IV) of’’ before ‘‘section 

16 168(k)(2)(A)(i)’’. 

17 (c) EFFECTIVE DATES.— 

18 (1) IN GENERAL.—Except as provided in para19 graph (2), the amendments made by this section 

20 shall apply to property placed in service after De21 cember 31, 2008, in taxable years ending after such 

22 date. 

23 (2) TECHNICAL AMENDMENT.—Section 

24 168(k)(4)(D)(ii) of the Internal Revenue Code of 


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1 1986, as added by subsection (a)(2)(C)(iii), shall 

2 apply to taxable years ending after March 31, 2008. 

3 SEC. 4. TEMPORARY INCREASE IN LIMITATIONS ON, AND 

4 MODIFICATION OF, EXPENSING OF CERTAIN 

5 DEPRECIABLE BUSINESS ASSETS. 

6 (a) IN GENERAL.—Paragraph (7) of section 179(b) 

7 of the Internal Revenue Code of 1986 is amended— 

8 (1) by inserting ‘‘, 2009, AND 2010’’ after ‘‘2008’’ 

9 in the heading, and 

10 (2) by inserting ‘‘, 2009, or 2010’’ after ‘‘In the 

11 case of any taxable year beginning in 2008’’. 

12 (b) EXPENSING AVAILABLE FOR ALL TANGIBLE DE13 PRECIABLE PROPERTY.—Section 179(d)(1) of the Inter14 nal Revenue Code of 1986 (defining section 179 property) 

15 is amended by inserting ‘‘and’’ at the end of subparagraph 

16 (A)(ii), by striking subparagraph (B), and by redesig17 nating subparagraph (C) as subparagraph (B). 

18 (c) EFFECTIVE DATE.—The amendments made by 

19 this section shall apply to taxable years beginning after 

20 December 31, 2008. 

Æ 


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