‘‘(1) IN
GENERAL.—The terms ‘adjusted net 
capital gain’ and ‘unrecaptured section 1250 gain’ 
shall have the respective meanings given such terms 
in section 1(h). 
‘‘(2) DIVIDENDS
TAXED
AT
NET
CAPITAL 
GAIN.—Except as otherwise provided in this section, 
the term ‘net capital gain’ has the meaning given 
such term in section 1(h)(11).’’. 
(2) 
ALTERNATIVE
MINIMUM
TAX.—Section 
55(b) of such Code is amended by adding at the end 
the following new paragraph: 
‘‘(4) MAXIMUM RATE OF TAX ON NET CAPITAL 
GAIN OF CORPORATIONS.—The amount determined 
under paragraph (1)(B)(i) shall not exceed the sum 
of— 
‘‘(A) the amount determined under such 
paragraph computed at the rates and in the 
same manner as if this paragraph had not been 
enacted on the taxable excess reduced by the 
net capital gain, plus 
‘‘(B) the amount determined under section 
1201.’’. 
(3) TECHNICAL AMENDMENTS.— 
(A) Section 1445(e)(1) of such Code is 
amended by striking ‘‘35 percent (or, to the ex-
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tent provided in regulations, 15 percent)’’ and 
inserting ‘‘0 percent’’. 
(B) Section 1445(e)(2) of such Code is 
amended by striking ‘‘35 percent’’ and inserting 
‘‘0 percent’’. 
(C) Section 7518(g)(6)(A) of such Code is 
amended by striking ‘‘15 percent (34 percent in 
the case of a corporation)’’ and inserting ‘‘0 
percent’’. 
(D) Section 607(h)(6)(A) of the Merchant 
Marine Act, 1936 is amended by striking ‘‘15 
percent (34 percent in the case of a corpora-
tion)’’ and inserting ‘‘0 percent’’. 
(c) EFFECTIVE DATE.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendments made by this section 
shall apply to taxable years ending after the date of 
the enactment of this Act. 
(2) WITHHOLDING.—The amendments made by 
subparagraphs (A) and (B) of subsection (b)(3) 
shall apply to dispositions and distributions after the 
date of the enactment of this Act. 
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SEC. 4. ONE-YEAR EXTENSION OF BONUS DEPRECIATION 
AND 100 PERCENT EXPENSING FOR CERTAIN 
BUSINESS ASSETS. 
(a) IN GENERAL.— 
(1) BONUS DEPRECIATION.—Paragraph (2) of 
section 168(k) of the Internal Revenue Code of 1986 
is amended— 
(A) by striking ‘‘January 1, 2014’’ in sub-
paragraph (A)(iv) and inserting ‘‘January 1, 
2015’’, and 
(B) by striking ‘‘January 1, 2013’’ each 
place it appears and inserting ‘‘January 1, 
2014’’. 
(2) 100 PERCENT EXPENSING.—Paragraph (5) 
of section 168(k) is amended to read as follows: 
‘‘(5) TEMPORARY 100 PERCENT BONUS DEPRE-
CIATION.—Paragraph (1)(A) shall be applied by sub-
stituting ‘100 percent’ for ‘50 percent’ in the case 
of property placed in service by the taxpayer after 
September 8, 2010, which would be qualified prop-
erty if— 
‘‘(A) ‘January 1, 2013’ were substituted 
for ‘January 1, 2014’ each place it appears in 
paragraph (2), 
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‘‘(B) ‘January 1, 2014’ were substituted 
for ‘January 1, 2015’ in clause (iv) of para-
graph (2)(A), and 
‘‘(C) ‘September 8, 2010’ were substituted 
for ‘December 31, 2007’ each place it appears 
in paragraph (2).’’. 
(3) SPECIAL RULES RELATING TO ELECTION TO 
ACCELERATE AMT CREDIT IN LIEU OF BONUS DE-
PRECIATION.— 
(A) 
Subclause 
(II) 
of 
section 
168(k)(4)(D)(iii) of such Code is amended by 
striking ‘‘January 1, 2013’’ and inserting ‘‘Jan-
uary 1, 2014’’. 
(B) Clause (iv) of section 168(k)(4)(I) of 
such Code is amended— 
(i) by inserting after ‘‘Act of 2010’’, 
and 
(ii) by striking ‘‘of such Act’’ and in-
serting ‘‘or section 2(a)(3)(A) of either 
such Act, respectively’’. 
(4) CONFORMING AMENDMENTS.— 
(A) The heading for subsection (k) of sec-
tion 168 of such Code is amended by striking 
‘‘JANUARY 1, 2013’’ and inserting ‘‘JANUARY 
1, 2014’’. 
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(B) The heading for clause (ii) of section 
168(k)(2)(B) of such Code is amended by strik-
ing ‘‘PRE-JANUARY 1, 2013’’ and inserting ‘‘PRE- 
JANUARY 1, 2014’’. 
(C) Subparagraph (C) of section 168(n)(2) 
of such Code is amended by striking ‘‘January 
1, 2013’’ and inserting ‘‘January 1, 2014’’. 
(D) 
Subparagraph 
(D) 
of 
section 
1400L(b)(2) of such Code is amended by strik-
ing ‘‘January 1, 2013’’ and inserting ‘‘January 
1, 2014’’. 
(E) 
Subparagraph 
(B) 
of 
section 
1400N(d)(3) of such Code is amended by strik-
ing ‘‘January 1, 2013’’ and inserting ‘‘January 
1, 2014’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to property placed in service after 
December 31, 2011. 
Æ 
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