I 
112TH CONGRESS 
1ST SESSION H. R. 3123 
To amend the Internal Revenue Code of 1986 to allow for annual elections 
to accelerate AMT credits in lieu of bonus depreciation. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 6, 2011 
Mr. TIBERI (for himself, Mr. LARSON of Connecticut, Mr. REICHERT, Mr. 
PETERS, and Mr. LEVIN) introduced the following bill; which was re-
ferred to the Committee on Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to allow for 
annual elections to accelerate AMT credits in lieu of 
bonus depreciation. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘American Job Creation 
and Investment Act of 2011’’. 
SEC. 2. EXPANSION OF ELECTION TO ACCELERATE AMT 
CREDITS IN LIEU OF BONUS DEPRECIATION. 
(a) MAXIMUM INCREASE AMOUNT.—Clause (iii) of 
section 168(k)(4)(C) of the Internal Revenue Code of 
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1986 is amended by striking ‘‘the lesser of’’ and all that 
follows through ‘‘6 percent’’ and inserting ‘‘50 percent’’. 
(b) ALLOWANCE
OF PRE-2011 AMT CREDITS.— 
Clause (iv) of section 168(k)(4)(E) of such Code is amend-
ed to read as follows: 
‘‘(iv) 
AMT 
CREDIT
INCREASE 
AMOUNT.—For purposes of this paragraph, 
the term ‘AMT credit increase amount’ 
means the minimum tax credit under sec-
tion 53(b) for the first taxable year ending 
after December 31, 2010. For purposes of 
the preceding sentence, credits shall be 
treated as allowed on a first-in, first-out 
basis.’’. 
(c) APPLICATION
TO
PARTNERSHIPS.—Subpara-
graph (C) of section 168(k)(4) of such Code is amended 
by adding at the end the following new clause: 
‘‘(v) 
APPLICATION
TO
PARTNER-
SHIPS.—In the case of a partnership in 
which more than 50 percent of the capital 
and profits interests in the partnership are 
owned (directly or indirectly) at all times 
during the taxable year by the corporations 
treated as 1 taxpayer under clause (iv)— 
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‘‘(I) this paragraph shall be ap-
plied at the partner level, and 
‘‘(II) each partner shall be treat-
ed as having for the taxable year an 
amount equal to such partner’s allo-
cable share of the eligible qualified 
property for such taxable year (as de-
termined under regulations prescribed 
by the Secretary).’’. 
(d) SEPARATE ELECTIONS
FOR EACH TAXABLE 
YEAR.— 
(1) TAXPAYERS PREVIOUSLY ELECTING ACCEL-
ERATION.—Clause (ii) of section 168(k)(4)(I) of 
such Code is amended— 
(A) by striking ‘‘property,’’ in subclause 
(I) and inserting ‘‘property for its first taxable 
year ending after December 31, 2010, or, by 
separate elections, any subsequent taxable 
year,’’ 
(B) by striking ‘‘the election under sub-
clause (I)’’ in subclause (II) and inserting ‘‘an 
election under subclause (I) for a taxable year’’, 
and 
(C) by adding at the end the following: ‘‘A 
separate bonus depreciation amount, maximum 
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amount, and maximum increase amount shall 
be computed for each of the taxpayer’s taxable 
years ending after December 31, 2010, deter-
mined by the round 2 extension property placed 
in service in the taxable year.’’. 
(2) TAXPAYERS
NOT
PREVIOUSLY
ELECTING 
ACCELERATION.—Clause (iii) of section 168(k)(4)(I) 
of such Code is amended— 
(A) by striking ‘‘and each’’ in subclause (I) 
and inserting ‘‘or, by separate elections, any’’, 
(B) by striking ‘‘the election under sub-
clause (I)’’ in subclause (II) and inserting ‘‘an 
election under subclause (I) for a taxable year’’, 
and 
(C) by adding at the end the following: ‘‘A 
separate bonus depreciation amount, maximum 
amount, and maximum increase amount shall 
be computed for each of the taxpayer’s taxable 
years ending after December 31, 2010, deter-
mined by the round 2 extension property placed 
in service in the taxable year.’’. 
(3) MAXIMUM AMOUNT.—Clause (ii) of section 
168(k)(4)(C) of such Code is amended by striking ‘‘, 
reduced (but not below zero) by the sum of the 
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bonus depreciation amounts for all preceding taxable 
years’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to property placed in service after 
December 31, 2010, in taxable years ending after such 
date. 
Æ 
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