A bill to amend the Internal Revenue Code of 1986 to raise the limitation on the election to accelerate the AMT credit in lieu of bonus depreciation for 2013.

Bill: 113-s-1287
Sponsor: full_name: Sen. Stabenow, Debbie [D-MI]
Introduced: 2013-07-11
Policy area: Taxation
Subjects: Business investment and capital

Income tax credits

Income tax deductions
Latest action: action_date: 2013-07-11
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2013-07-11
action_desc: Introduced in Senate
text: <p>Amends the Internal Revenue Code to provide for an increase in the limitation on the election to accelerate the alternative minimum tax (AMT) credit in lieu of bonus depreciation for certain property placed in service by a corporation after December 31, 2012.</p>

tv_txt: II 113th CONGRESS 1st Session S. 1287 IN THE SENATE OF THE UNITED STATES July 11, 2013 Ms. Stabenow (for herself, Mr. Blunt , Mr. Brown , and Mr. Roberts ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to raise the limitation on the election to accelerate the AMT credit in lieu of bonus depreciation for 2013.

1. Temporary increase in limitation on election to accelerate the AMT credit in lieu of bonus depreciation (a) In general Subparagraph (J) of section 168(k)(4) of the Internal Revenue Code of 1986 is amended by adding at the end the following new clause: (v) Special maximum increase amount for 2013 In the case of round 3 extension property placed in service by a corporation— (I) subparagraph (C)(iii) shall not apply, and (II) the term maximum increase amount means an amount that is 50 percent of the AMT credit increase amount determined with respect to such corporation under subparagraph (E). . (b) Effective date The amendment made by this section shall apply to property placed in service after December 31, 2012, in taxable years ending after such date.