Inspiring Scientific Research and Innovation Supplemental Appropriations Act, 2014

Making supplemental appropriations for the National Institutes of Health for the fiscal year ending September 30, 2014, and for other purposes. That the following sums are appropriated, out of any money in the Treasury not otherwise appropriated for the fiscal year ending September 30, 2014: Department of Health and Human Services National Institutes of Health For an additional amount for the National Institutes of Health for carrying out title IV of the Public Health Service Act ( 42 U.S.C. 281 et seq. General Provisions 101. Modification of class life for corporate jets (a) In general Section 168(e)(3)(C) and , and (vi) any airplane (and any airframe or engine of such an airplane) other than an airplane— (I) which is used in directly carrying out activities essential to the function of a trade or business other than the commercial or contract carrying of freight or passengers, and (II) the primary use of which is not for the transportation of freight or passengers (including the pilot), other than medical or emergency transportation. . (b) Alternative depreciation system The table contained in subparagraph (B) of section 168(g)(3) of such Code is amended by inserting after the item relating to subparagraph (C)(iv) the following new item: (C)(vi) 12 . (c) Effective date (1) In general Except as provided in paragraph (2), the amendments made by this section shall apply to property placed in service after the date of the enactment of this Act. (2) Special rule for binding contracts (A) In general In the case of any property for which there is a qualified written binding contract in effect before the date of the enactment of this Act, the amendments made by this section shall apply to property placed in service after December 31, 2014. (B) Qualified written binding contract For purposes of subparagraph (A), the term qualified written binding contract (i) the purchaser made a nonrefundable deposit at the time such contract was entered into in an amount equal to or greater than the lesser of— (I) 10 percent of the cost of such contract, or (II) $100,000, (ii) the estimated production period of the property under the contract exceeds 4 months, and (iii) the total cost of such property exceeds $200,000. This Act may be cited as the Inspiring Scientific Research and Innovation Supplemental Appropriations Act, 2014

Summary: Inspiring Scientific Research and Innovation Supplemental Appropriations Act, 2014 - Appropriates, for FY2014, an additional $3 billion to the National Institutes of Health (NIH), to remain available until expended. Amends the Internal Revenue Code to increase the recovery period for the depreciation of an airplane: (1) used in directly carrying out activities essential to the function of a trade or business other than the commercial or contract carrying of freight or passengers; and (2) whose primary use is not for the transportation of freight or passengers, other than medical or emergency transportation. Provides a special effective date rule for property for which there is a qualified written binding contract in effect before the date of enactment of this Act.