which is determined for such taxable year 
under subparagraph (B). 
‘‘(B) BONUS
DEPRECIATION
AMOUNT.— 
For purposes of this paragraph— 
‘‘(i) IN GENERAL.—The bonus depre-
ciation amount for any taxable year is an 
amount equal to 20 percent of the excess 
(if any) of— 
‘‘(I) the aggregate amount of de-
preciation which would be allowed 
under this section for eligible qualified 
property placed in service by the tax-
payer during such taxable year if 
paragraph (1) applied to all such 
property, over 
‘‘(II) the aggregate amount of 
depreciation which would be allowed 
under this section for eligible qualified 
property placed in service by the tax-
payer during such taxable year if 
paragraph (1) did not apply to any 
such property. 
The aggregate amounts determined under 
subclauses (I) and (II) shall be determined 
without regard to any election made under 
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subsection (b)(2)(D), (b)(3)(D), or (g)(7) 
and 
without 
regard 
to 
subparagraph 
(A)(ii). 
‘‘(ii) LIMITATION.—The bonus depre-
ciation amount for any taxable year shall 
not exceed the lesser of— 
‘‘(I) 50 percent of the minimum 
tax credit under section 53(b) for the 
first taxable year ending after Decem-
ber 31, 2011, reduced (but not below 
zero) by the sum of the bonus depre-
ciation amounts for all taxable years 
ending after such date for which an 
election under this paragraph was 
made which precede the taxable year 
for which the determination is made 
(other than amounts determined with 
respect to property placed in service 
by the taxpayer on or before such 
date), or 
‘‘(II) the minimum tax credit 
under section 53(b) for such taxable 
year determined by taking into ac-
count only the adjusted minimum tax 
for taxable years ending before Janu-
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ary 1, 2012 (determined by treating 
credits as allowed on a first-in, first- 
out basis). 
‘‘(iii) AGGREGATION RULE.—All cor-
porations which are treated as a single em-
ployer under section 52(a) shall be treat-
ed— 
‘‘(I) as 1 taxpayer for purposes 
of this paragraph, and 
‘‘(II) as having elected the appli-
cation of this paragraph if any such 
corporation so elects. 
‘‘(C) ELIGIBLE
QUALIFIED
PROPERTY.— 
For purposes of this paragraph, the term ‘eligi-
ble qualified property’ means qualified property 
under paragraph (2), except that in applying 
paragraph (2) for purposes of this paragraph— 
‘‘(i) ‘March 31, 2008’ shall be sub-
stituted for ‘December 31, 2007’ each 
place it appears in subparagraph (A) and 
clauses (i) and (ii) of subparagraph (E) 
thereof, 
‘‘(ii) ‘April 1, 2008’ shall be sub-
stituted for ‘January 1, 2008’ in subpara-
graph (A)(iii)(I) thereof, and 
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‘‘(iii) only adjusted basis attributable 
to manufacture, construction, or produc-
tion— 
‘‘(I) after March 31, 2008, and 
before January 1, 2010, and 
‘‘(II) after December 31, 2010, 
and before January 1, 2013, shall be 
taken into account under subpara-
graph (B)(ii) thereof. 
‘‘(D) CREDIT
REFUNDABLE.—For pur-
poses of section 6401(b), the aggregate increase 
in the credits allowable under part IV of sub-
chapter A for any taxable year resulting from 
the application of this paragraph shall be treat-
ed as allowed under subpart C of such part 
(and not any other subpart). 
‘‘(E) OTHER RULES.— 
‘‘(i) ELECTION.—Any election under 
this paragraph may be revoked only with 
the consent of the Secretary. 
‘‘(ii) PARTNERSHIPS WITH ELECTING 
PARTNERS.—In the case of a corporation 
making an election under subparagraph 
(A) and which is a partner in a partner-
ship, for purposes of determining such cor-
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poration’s distributive share of partnership 
items under section 702— 
‘‘(I) paragraph (1) shall not 
apply to any eligible qualified prop-
erty, and 
‘‘(II) the applicable depreciation 
method used under this section with 
respect to such property shall be the 
straight line method. 
‘‘(iii) CERTAIN
PARTNERSHIPS.—In 
the case of a partnership in which more 
than 50 percent of the capital and profits 
interests are owned (directly or indirectly) 
at all times during the taxable year by one 
corporation (or by corporations treated as 
1 taxpayer under subparagraph (B)(iii)), 
for purposes of subparagraph (B), each 
partner shall take into account its distribu-
tive share of the amounts determined by 
the partnership under subclauses (I) and 
(II) of clause (i) of such subparagraph for 
the taxable year of the partnership ending 
with or within the taxable year of the part-
ner. The preceding sentence shall apply 
only to amounts determined with respect to 
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