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Our Business Strength (JOBS) Act, as in effect
on the date of the enactment of this section, if—
‘‘(i) 95 percent or more of the proceeds
of such issue are to be used for the construc-
tion, rehabilitation, or repair of a school fa-
cility funded by the Bureau of Indian Af-
fairs of the Department of the Interior or
for the acquisition of land on which such a
facility is to be constructed with part of the
proceeds of such issue,
‘‘(ii) the bond is issued by an Indian
tribe,
‘‘(iii) the issuer designates such bond
for purposes of this section, and
‘‘(iv) the term of each bond which is
part of such issue does not exceed 15 years.
‘‘(B) NATIONAL LIMITATION ON AMOUNT OF
BONDS DESIGNATED.—
‘‘(i) NATIONAL LIMITATION.—There is
a national qualified tribal school mod-
ernization bond limitation for each cal-
endar year. Such limitation is—
‘‘(I) $200,000,000 for 2005,
‘‘(II) $200,000,000 for 2006, and
‘‘(III) zero after 2006.
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‘‘(ii) ALLOCATION
OF
LIMITATION.—
The national qualified tribal school mod-
ernization bond limitation shall be allocated
to Indian tribes by the Secretary of the In-
terior subject to the provisions of section
616 
of 
the 
Jumpstart 
Our 
Business
Strength (JOBS) Act, as in effect on the
date of the enactment of this section.
‘‘(iii) DESIGNATION SUBJECT TO LIMI-
TATION AMOUNT.—The maximum aggregate
face amount of bonds issued during any cal-
endar year which may be designated under
subsection (d)(1) with respect to any Indian
tribe shall not exceed the limitation amount
allocated to such government under clause
(ii) for such calendar year.
‘‘(iv) CARRYOVER OF UNUSED LIMITA-
TION.—If for any calendar year—
‘‘(I) the limitation amount under
this subparagraph, exceeds
‘‘(II) the amount of qualified trib-
al school modernization bonds issued
during such year,
the limitation amount under this subpara-
graph for the following calendar year shall
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be increased by the amount of such excess.
The preceding sentence shall not apply if
such following calendar year is after 2012.
‘‘(2) CREDIT
ALLOWANCE
DATE.—The term
‘credit allowance date’ means—
‘‘(A) March 15,
‘‘(B) June 15,
‘‘(C) September 15, and
‘‘(D) December 15.
Such term includes the last day on which the bond is
outstanding.
‘‘(3) BOND.—The term ‘bond’ includes any obli-
gation.
‘‘(4) TRIBE.—The term ‘tribe’ has the meaning
given the term ‘Indian tribal government’ by section
7701(a)(40), including the application of section
7871(d). Such term includes any consortium of tribes
approved by the Secretary of the Interior.
‘‘(e) CREDIT INCLUDED IN GROSS INCOME.—Gross in-
come includes the amount of the credit allowed to the tax-
payer under this section (determined without regard to sub-
section (c)) and the amount so included shall be treated as
interest income.
‘‘(f) BONDS HELD BY REGULATED INVESTMENT COM-
PANIES.—If any qualified tribal school modernization bond
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is held by a regulated investment company, the credit deter-
mined under subsection (a) shall be allowed to shareholders
of such company under procedures prescribed by the Sec-
retary.
‘‘(g) TREATMENT FOR ESTIMATED TAX PURPOSES.—
Solely for purposes of sections 6654 and 6655, the credit
allowed by this section to a taxpayer by reason of holding
a qualified tribal school modernization bonds on a credit
allowance date shall be treated as if it were a payment of
estimated tax made by the taxpayer on such date.
‘‘(h) CREDIT TREATED AS ALLOWED UNDER PART IV
OF SUBCHAPTER A.—For purposes of subtitle F, the credit
allowed by this section shall be treated as a credit allowable
under part IV of subchapter A of this chapter.
‘‘(i) REPORTING.—Issuers of qualified tribal school
modernization bonds shall submit reports similar to the re-
ports required under section 149(e).’’.
(d) CONFORMING AMENDMENT.—The table of sub-
chapters for chapter 1 is amended by adding at the end
the following new item:
‘‘SUBCHAPTER Z. Tribal school modernization provisions.’’.
(e) ADDITIONAL PROVISIONS.—
(1) SOVEREIGN IMMUNITY.—This section and the
amendments made by this section shall not be con-
strued to impact, limit, or affect the sovereign immu-
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nity of the Federal Government or any State or tribal
government.
(2) APPLICATION.—This section and the amend-
ments made by this section shall take effect on the
date of the enactment of this Act with respect to bonds
issued after December 31, 2004, regardless of the sta-
tus of regulations promulgated thereunder.
Subtitle C—Provisions Relating to
Depreciation
SEC. 621. SPECIAL PLACED IN SERVICE RULE FOR BONUS
DEPRECIATION PROPERTY.
(a) IN GENERAL.—Section 168(k)(2)(D) (relating to
special rules) is amended by adding at the end the following
new clause:
‘‘(iii) SYNDICATION.—For purposes of
subparagraph (A)(ii), if—
‘‘(I) property is originally placed
in service after September 10, 2001, by
the lessor of such property,
‘‘(II) such property is sold by
such lessor or any subsequent pur-
chaser within 3 months after the date
so placed in service (or, in the case of
multiple units of property subject to
the same lease, within 3 months after
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the date the final unit is placed in
service, so long as the period between
the time the first unit is placed in
service and the time the last unit is
placed in service does not exceed 12
months), and
‘‘(III) the user of such property
after the last sale during such 3-month
period remains the same as when such
property was originally placed in serv-
ice,
such property shall be treated as originally
placed in service not earlier than the date
of such last sale, so long as no previous
owner of such property elects the applica-
tion of this subsection with respect to such
property.’’.
(b) EFFECTIVE DATE.—The amendment made by this
section shall apply to sales after the date of the enactment
of this Act.
SEC. 622. MODIFICATION OF DEPRECIATION ALLOWANCE
FOR AIRCRAFT.
(a) AIRCRAFT TREATED AS QUALIFIED PROPERTY.—
(1) IN
GENERAL.—Paragraph (2) of section
168(k) is amended by redesignating subparagraphs
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(C) through (F) as subparagraphs (D) through (G),
respectively, and by inserting after subparagraph (B)
the following new subparagraph:
‘‘(C) CERTAIN AIRCRAFT.—The term ‘quali-
fied property’ includes property—
‘‘(i) which meets the requirements of
clauses (ii) and (iii) of subparagraph (A),
‘‘(ii) which is an aircraft which is not
a transportation property (as defined in
subparagraph (B)(iii)) other than for agri-
cultural or firefighting purposes,
‘‘(iii) which is purchased and on which
such purchaser, at the time of the contract
for purchase, has made a nonrefundable de-
posit of the lesser of—
‘‘(I) 10 percent of the cost, or
‘‘(II) $100,000, and
‘‘(iv) which has—
‘‘(I) an estimated production pe-
riod exceeding 4 months, and
‘‘(II) a cost exceeding $200,000.’’.
(2) PLACED IN SERVICE DATE.—Clause (iv) of
section 168(k)(2)(A) is amended by striking ‘‘sub-
paragraph (B)’’ and inserting ‘‘subparagraphs (B)
and (C)’’.
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(b) CONFORMING AMENDMENTS.—
(1) Section 168(k)(2)(B) is amended by adding
at the end the following new clause:
‘‘(iv) 
APPLICATION
OF
SUBPARA-
GRAPH.—This 
subparagraph 
shall 
not
apply to any property which is described in
subparagraph (C).’’.
(2) Section 168(k)(4)(A)(ii) is amended by strik-
ing ‘‘paragraph (2)(C)’’ and inserting ‘‘paragraph
(2)(D)’’.
(3) Section 168(k)(4)(B)(iii) is amended by in-
serting ‘‘and paragraph (2)(C)’’ after ‘‘of this para-
graph)’’.
(4) Section 168(k)(4)(C) is amended by striking
‘‘subparagraphs (B) and (D)’’ and inserting ‘‘sub-
paragraphs (B), (C), and (E)’’.
(5) Section 168(k)(4)(D) is amended by striking
‘‘Paragraph 
(2)(E)’’ 
and 
inserting 
‘‘Paragraph
(2)(F)’’.
(c) EFFECTIVE DATE.—The amendments made by this
section shall apply to taxable years beginning after the date
of the enactment of this Act.
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SEC. 623. MODIFICATION OF CLASS LIFE FOR CERTAIN
TRACK FACILITIES.
(a) 7-YEAR PROPERTY.—Subparagraph (C) of section
168(e)(3) (relating to classification of certain property) is
amended by redesignating clause (ii) as clause (iii) and by
inserting after clause (i) the following new clause:
‘‘(ii) any motorsports entertainment
complex, and’’.
(b) DEFINITION.—Section 168(i) (relating to defini-
tions and special rules) is amended by adding at the end
the following new paragraph:
‘‘(15) 
MOTORSPORTS
ENTERTAINMENT
COM-
PLEX.—
‘‘(A) IN GENERAL.—The term ‘motorsports
entertainment complex’ means a racing track fa-
cility which—
‘‘(i) is permanently situated on land,
and
‘‘(ii) during the 36-month period fol-
lowing the first day of the month in which
the asset is placed in service, is scheduled to
host 1 or more racing events for automobiles
(of any type), trucks, or motorcycles which
are open to the public for the price of ad-
mission.
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‘‘(B) ANCILLARY
AND
SUPPORT
FACILI-
TIES.—Such term shall include, if owned by the
complex and provided for the benefit of patrons
of the complex—
‘‘(i) ancillary grounds and facilities
and land improvements in support of the
complex’s activities (including parking lots,
sidewalks, waterways, bridges, fences, and
landscaping),
‘‘(ii) support facilities (including food
and beverage retailing, souvenir vending,
and other nonlodging accommodations), and
‘‘(iii) appurtenances associated with
such facilities and related attractions and
amusements (including ticket booths, race
track surfaces, suites and hospitality facili-
ties, grandstands and viewing structures,
props, walls, facilities that support the de-
livery of entertainment services, other spe-
cial purpose structures, facades, shop inte-
riors, and buildings).
‘‘(C) EXCEPTION.—Such term shall not in-
clude any transportation equipment, administra-
tive services assets, warehouses, administrative
buildings, hotels, or motels.’’.
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(c) EFFECTIVE DATE.—
(1) IN
GENERAL.—The amendments made by
this section shall apply to any property placed in
service after the date of the enactment of this Act and
before January 1, 2008.
(2) NO
INFERENCE.—Nothing in the amend-
ments made by this section shall be construed to affect
the treatment of expenses incurred on or before the
date of the enactment of this Act.
SEC. 624. MINIMUM TAX RELIEF FOR CERTAIN TAXPAYERS.
(a) ELECTION TO INCREASE MINIMUM TAX CREDIT
LIMITATION IN LIEU OF BONUS DEPRECIATION.—
(1) IN GENERAL.—Section 53 (relating to credit
for prior year minimum tax liability) is amended by
adding at the end the following new subsection:
‘‘(e) ADDITIONAL CREDIT IN LIEU OF BONUS DEPRE-
CIATION.—
‘‘(1) IN GENERAL.—In the case of a corporation
making an election under this subsection for a taxable
year, the limitation under subsection (c) shall be in-
creased by an amount equal to 50 percent of the
bonus depreciation amount.
‘‘(2) BONUS DEPRECIATION AMOUNT.—For pur-
poses of paragraph (1), the bonus depreciation
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amount for any taxable year is an amount (not in
excess of $25,000,000) equal to the product of—
‘‘(A) 30 percent, and
‘‘(B) the excess (if any) of—
‘‘(i) the aggregate amount of deprecia-
tion which would be determined under sec-
tion 168 for property placed in service dur-
ing such taxable year if no election under
this subsection were made, over
‘‘(ii) the aggregate allowance for depre-
ciation allowable with respect to such prop-
erty placed in service for such taxable year.
‘‘(3) AGGREGATION RULE.—All members of the
same controlled group of corporations shall be treated
as 1 corporation for purposes of this subsection.
‘‘(4) ELECTION.—Sections 168(k) (other than
paragraph (2)(F) thereof) shall not apply to any
property placed in service during a taxable year by
a corporation making an election under this sub-
section for such taxable year. An election under this
subsection may only be revoked with the consent of the
Secretary.
‘‘(5) CREDIT REFUNDABLE.—The aggregate in-
crease in the credit allowed by this section for any
taxable year by reason of this subsection shall for pur-