instruction:
In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Ambulatory Surgical Center Medicare 
Payment Modernization Act of 2005''.

SEC. 2. MEDICARE PAYMENT FOR AMBULATORY SURGICAL CENTER SERVICES.

    (a) In General.--Section 1833(i) of the Social Security Act (42 
U.S.C. 1395l(i)) is amended to read as follows:
    ``(i)(1) Payment shall be made under this part in the amount 
specified under paragraph (2) for facility services furnished to an 
individual in an ambulatory surgical center in connection with any 
outpatient surgical procedure covered under this part as a hospital 
outpatient department service, except for those procedures that the 
Secretary designates, in consultation with appropriate trade and 
professional organizations (including those having direct experience 
with ambulatory surgical centers) as posing a significant safety risk 
or requiring an overnight stay when performed in ambulatory surgical 
centers. Not less frequently than once every two years the Secretary 
shall review and, may, after public comment, make appropriate 
adjustments to this list of procedures excluded from coverage when 
performed in ambulatory surgical centers as the Secretary deems 
necessary.
    ``(2)(A) Subject to subparagraphs (B) and (C), the amount of 
payment to be made under this subsection for facility services 
furnished to an individual in an ambulatory surgical center in 
accordance with paragraph (1) shall be equal to 75 percent of the fee 
schedule amount determined under paragraph (3)(A) of subsection (t) for 
payment of the same service furnished in hospital outpatient 
departments, as adjusted under paragraphs (4)(A), (6), and (15) of such 
subsection, less a 20 percent beneficiary copayment.
    ``(B) For covered ambulatory surgical center services furnished on 
or after January 1, 2008, and before January 1, 2012, for which the 
ambulatory surgical center payment amount payable under this subsection 
in 2007 (in this subsection referred to as the `2007 ASC payment 
amount') is less than 75 percent of the hospital OPD fee schedule 
amount under subsection (t) in 2007 for the same services, the amount 
of payment under this subsection shall be calculated as follows:
            ``(i) For services furnished during 2008, the amount shall 
        be equal to the sum of--
                    ``(I) 80 percent of the 2007 ASC payment amount, as 
                increased by the percentage increase in the consumer 
                price index for all urban consumers (United States city 
                average) as estimated by the Secretary for the 12-month 
                period ending with December 31, 2006; and
                    ``(II) 20 percent of the payment amount under 
                paragraph (2)(A) for 2008.
            ``(ii) For services furnished during 2009, the amount shall 
        be equal to the sum of--
                    ``(I) 60 percent of the 2007 ASC payment amount as 
                increased under clause (i)(I) and as further increased 
                by the percentage increase in the consumer price index 
                for all urban consumers (United States city average) as 
                estimated by the Secretary for the 12-month period 
                ending with December 31, 2007; and
                    ``(II) 40 percent of the payment amount under 
                paragraph (2)(A) for 2009.
            ``(iii) For services furnished during 2010, the amount 
        shall be equal to the sum of--
                    ``(I) 40 percent of the 2007 ASC payment amount as 
                increased under clauses (i)(I) and (ii)(I) and as 
                further increased by the percentage increase in the 
                consumer price index for all urban consumers (United 
                States city average) as estimated by the Secretary for 
                the 12-month period ending with December 31, 2008; and
                    ``(II) 60 percent of the payment amount under 
                paragraph (2)(A) for 2010.
            ``(iv) For services furnished during 2011, the amount shall 
        be equal to the sum of--
                    ``(I) 20 percent of the 2007 ASC payment amount as 
                increased under clauses (i)(I), (ii)(I), and (iii)(I) 
                and as further increased by the percentage increase in 
                the consumer price index for all urban consumers 
                (United States city average) as estimated by the 
                Secretary for the 12-month period ending with December 
                31, 2009; and
                    ``(II) 80 percent of the payment amount under 
                paragraph (2)(A) for 2011.
    ``(C) For covered ambulatory surgical center services for which the 
2007 ASC payment amount is--
            ``(i) greater than 75 percent, but less than 100 percent, 
        of the hospital OPD fee schedule amount under subsection (t) in 
        2007 for the same services, the amount of payment under this 
        subsection shall be the greater of the 2007 ASC payment amount 
        or--
                    ``(I) for services furnished in 2008, the payment 
                amount under subparagraph (B)(i);
                    ``(II) for services furnished in 2009, the payment 
                amount under subparagraph (B)(ii);
                    ``(III) for services furnished in 2010, the payment 
                amount under subparagraph (B)(iii);
                    ``(IV) for services furnished in 2011, the payment 
                amount under subparagraph (B)(iv); or
                    ``(V) in 2012 and subsequent years, the payment 
                amount under subparagraph (A),
        but in no case in excess of the then applicable hospital OPD 
        fee schedule amount; or
            ``(ii) greater than the hospital OPD fee schedule amount 
        under subsection (t) in 2007 for the same services, the amount 
        of payment under this subsection--
                    ``(I) for services furnished during 2008, is equal 
                to the midpoint between the 2007 ASC payment amount and 
                100 percent of such 2007 hospital OPD fee schedule 
                amount; or
                    ``(II) for services furnished in a subsequent year 
                is equal to the greater of the 2007 hospital OPD fee 
                schedule amount or the payment amount specified under 
                subclause (I) through (V) of clause (i) for the year 
                involved, but but in no case in excess of the then 
                applicable hospital OPD fee schedule amount.''.
    (b) Conforming Amendments.--
            (1) Section 1832(a)(2)(F)(i) of such Act (42 U.S.C. 
        1395k(a)(2)(F)(i)) is amended--
                    (A) by striking ``section 1833(i)(1)(A)'' and 
                inserting ``section 1833(i)(1)'';
                    (B) by striking ``the standard overhead amount as 
                determined under section 1833(i)(2)(A)'' and inserting 
                ``the amount determined under section 1833(i)(2)''; and
                    (C) by striking all that follows ``as full payment 
                for such services'' and inserting ``, or''.
            (2) Section 1833(a)(1)(G) of such Act (42 U.S.C. 
        1395l(a)(1)(G)) is amended--
                    (A) by striking ``subsection (i)(1)(A)'' and 
                inserting ``subsection (i)(1)'';
                    (B) by striking ``for services furnished 
                beginning'' and all that follows through ``subsection 
                (i)(2)(D)''; and
                    (C) by striking ``such revised payment system'' and 
                inserting ``under subsection (i)(2)''.
            (3) Section 1833(a)(4) of such Act (42 U.S.C. 1395l(a)(4)) 
        is amended--
                    (A) by striking ``section 1833(i)(1)(A)'' and 
                inserting ``subsection (i)(1)''; and
                    (B) by striking ``paragraph (2) or (3) of 
                subsection (i)'' and inserting ``subsection (i)(1)''.
    (c) Effective Date.--The amendments made by this section shall 
apply to ambulatory surgical center services furnished on or after 
January 1, 2008.
answer:
Ambulatory Surgical Center Medicare Payment Modernization Act of 2005 - Amends title XVIII (Medicare) of the Social Security Act to revise the requirements and the formula for payments for services furnished to individuals in ambulatory surgical centers.


question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bridges to the Cuban People Act of 
2001''.

   TITLE I--FACILITATION OF THE EXPORT OF FOOD AND MEDICINES TO CUBA

SEC. 101. EXEMPTION FROM PROHIBITIONS AND RESTRICTIONS ON TRADE WITH 
              CUBA TO PERMIT THE EXPORT OF FOOD AND MEDICINES TO CUBA.

    (a) In General.--Except as provided in subsection (b), any 
prohibition or restriction in law or regulation on trade or financial 
transactions with Cuba shall not apply with respect to the export of 
any agricultural commodity, farm machinery or equipment, medicine, or 
medical device, or with respect to travel incident to the sale or 
delivery of any agricultural commodity, farm machinery or equipment, 
medicine, or medical device, to Cuba.
    (b) Exceptions.--Subsection (a) does not apply to--
            (1) any prohibition or restriction imposed under the Export 
        Administration Act of 1979 (50 U.S.C. App. 2401 et seq.) or 
        successor statute for goods containing parts or components on 
        which export controls are in effect under that section; or
            (2) any prohibition or restriction imposed under section 
        203 of the International Emergency Economic Powers Act (50 
        U.S.C. 1702) insofar as the prohibition or restriction is 
        exercised to deal with a threat to the national security of the 
        United States by virtue of the technology incorporated in such 
        machinery or equipment.
    (c) Supersedes Existing Law.--Subsection (a) supersedes the Trade 
Sanctions Reform and Export Enhancement Act of 2000 (title IX of H.R. 
5426 of the One Hundred Sixth Congress, as enacted into law by section 
1(a) of Public Law 106-387, and as contained in the appendix of that 
Act) or any other provision of law.

SEC. 102. REMOVAL OF CERTAIN PROHIBITIONS ON VESSELS ENTERING UNITED 
              STATES PORTS.

    Section 1706(b) of the Cuban Democracy Act of 1992 (22 U.S.C. 
6005(b); prohibiting certain vessels from entering United States ports) 
shall not apply with respect to vessels that transport to Cuba any item 
the export of which is permitted under section 101 or 404 of this Act.

SEC. 103. STUDY AND REPORT RELATING TO EXPORT PROMOTION AND CREDIT 
              PROGRAMS FOR CUBA.

    (a) Study.--The Secretary of Agriculture shall conduct a study of 
United States agricultural export promotion and credit programs in 
effect as of the date of enactment of this Act to determine how such 
programs may be carried out to promote the consumption of United States 
agricultural commodities in Cuba.
    (b) Report.--Not later than 90 days after the date of enactment of 
this Act, the Secretary of Agriculture shall submit to the Committee on 
Agriculture of the House of Representatives and the Committee on 
Agriculture, Nutrition, and Forestry of the Senate a report 
containing--
            (1) the results of the study conducted under subsection 
        (a); and
            (2) recommendations for proposed legislation, if any, to 
        improve the ability of the Secretary of Agriculture to utilize 
        United States agricultural export promotion and credit programs 
        with respect to the consumption of United States agricultural 
        commodities in Cuba.

SEC. 104. REPORT TO CONGRESS.

    Not later than 6 months after the date of enactment of this Act, 
the President shall submit to Congress a report that sets forth--
            (1) the extent (expressed in volume and dollar amounts) of 
        sales to Cuba of agricultural commodities, farm machinery and 
        equipment, medicines, and medical devices, since the date of 
        enactment of this Act;
            (2) a description of the types of the goods so exported; 
        and
            (3) whether there has been any indication that any medicine 
        or medical device exported to Cuba since the date of enactment 
        of this Act--
                    (A) has been used for purposes of torture or other 
                human rights abuses;
                    (B) was reexported; or
                    (C) was used in the production of any bio-
                technological product.

SEC. 105. DEFINITIONS.

    In this title:
            (1) Agricultural commodity.--The term ``agricultural 
        commodity''--
                    (A) has the meaning given the term in section 102 
                of the Agricultural Trade Act of 1978 (7 U.S.C. 5602); 
                and
                    (B) includes fertilizer.
            (2) Medical device.--The term ``medical device'' has the 
        meaning given the term ``device'' in section 201 of the Federal 
        Food, Drug, and Cosmetic Act (21 U.S.C. 321).
            (3) Medicine.--The term ``medicine'' has the meaning given 
        the term ``drug'' in section 201 of the Federal Food, Drug, and 
        Cosmetic Act (21 U.S.C. 7321).

 TITLE II--EASING OF RESTRICTIONS ON TRAVEL BY UNITED STATES NATIONALS 
                                TO CUBA

SEC. 201. TRAVEL TO CUBA.

    (a) In General.--
            (1) Freedom of travel for united states nationals and 
        lawful permanent resident aliens.--
                    (A) In general.--Subject to subsection (b), the 
                President shall not regulate or prohibit, directly or 
                indirectly--
                            (i) travel to, from, or within Cuba by 
                        nationals of the United States or aliens 
                        lawfully admitted for permanent residence in 
                        the United States; or
                            (ii) any of the transactions incident to 
                        such travel that are set forth in paragraph 
                        (2).
                    (B) Supersedes existing law.--Subparagraph (A) 
                supersedes any other provision of law.
            (2) Transactions incident to travel.--
                    (A) In general.--Except as provided in subparagraph 
                (B), the transactions referred to in paragraph (1) 
                are--
                            (i) any transaction ordinarily incident to 
                        travel to or from Cuba, including the 
                        importation into Cuba or the United States of 
                        accompanied baggage for personal use only;
                            (ii) any transaction ordinarily incident to 
                        travel or maintenance within Cuba, including 
                        the payment of living expenses and the 
                        acquisition of goods or services for personal 
                        use;
                            (iii) any transaction ordinarily incident 
                        to the arrangement, promotion, or facilitation 
                        of travel to, from, or within Cuba;
                            (iv) any transaction incident to 
                        nonscheduled air, sea, or land voyages, except 
                        that this clause does not authorize the 
                        carriage of articles into Cuba or the United 
                        States except accompanied baggage; and
                            (v) any normal banking transaction incident 
                        to any activity described in any of the 
                        preceding clauses, including the issuance, 
                        clearing, processing, or payment of checks, 
                        drafts, travelers checks, credit or debit card 
                        instruments, or similar instruments.
                    (B) Exclusion of certain goods for personal 
                consumption.--The transactions described in 
                subparagraph (A) do not include the importation into 
                the United States of goods for personal consumption 
                acquired in Cuba in excess of the amount established by 
                the Secretary of the Treasury pursuant to section 321 
                of the Tariff Act of 1930 (19 U.S.C. 1321) or otherwise 
                authorized by law.
    (b) Exceptions.--The prohibition contained in subsection (a)(1) 
does not apply in a case in which--
            (1) the United States is at war with Cuba;
            (2) armed hostilities between the two countries are in 
        progress or imminent; or
            (3) there is a credible threat to the public health or the 
        physical safety of nationals of the United States who are 
        traveling to, from, or within Cuba.
    (c) Applicability.--This section applies to actions taken by the 
President before the date of enactment of this Act that are in effect 
on such date, and to actions taken on or after such date.
    (d) Repeals.--There are repealed the following provisions of law:
            (1) Section 102(h) of Public Law 104-114 (22 U.S.C. 
        6032(h)).
            (2) Section 910 of the Trade Sanctions Reform and Export 
        Enhancement Act of 2000 (title IX of H.R. 5426 of the One 
        Hundred Sixth Congress, as enacted into law by section 1(a) of 
        Public Law 106-387, and as contained in the appendix of that 
        Act).
    (e) Definitions.--In this section:
            (1) Lawfully admitted for permanent residence.--The term 
        ``lawfully admitted for permanent residence'' has the meaning 
        given the term in section 101(a)(20) of the Immigration and 
        Nationality Act (8 U.S.C. 1101(a)(20)).
            (2) National of the united states.--The term ``national of 
        the United States'' has the meaning given the term in section 
        101(a)(22) of the Immigration and Nationality Act (8 U.S.C. 
        1101(a)(22)).

          TITLE III--SCHOLARSHIPS FOR CERTAIN CUBAN NATIONALS

SEC. 301. SCHOLARSHIPS FOR GRADUATE STUDY.

    (a) Authority.--
            (1) In general.--The President is authorized to provide 
        scholarships under section 102 of the Mutual Educational and 
        Cultural Exchange Act of 1961 (22 U.S.C. 2452) for nationals of 
        Cuba who seek to undertake graduate study in public health, 
        public policy, economics, law, or other field of social 
        science. In awarding scholarships under this paragraph, the 
        President shall give preference to individuals not employed by 
        the Cuban government or actively participating in the communist 
        party.
            (2) Superseding existing law.--The authority of paragraph 
        (1) shall be exercised without regard to any other provision of 
        law.
    (b) Allocation of Funds.--Of the amounts authorized to be 
appropriated to carry out the Mutual Educational and Cultural Exchange 
Act of 1961 (22 U.S.C. 2451 et seq.) for fiscal years 2002 through 
2006, the following amounts are authorized to be available to carry out 
subsection (a):
            (1) For fiscal year 2002, $1,400,000 for not to exceed 20 
        scholarships.
            (2) For fiscal year 2003, $1,750,000 for not to exceed 25 
        scholarships.
            (3) For fiscal year 2004, $2,450,000 for not to exceed 35 
        scholarships.
            (4) For fiscal year 2005, $2,450,000 for not to exceed 35 
        scholarships.
            (5) For fiscal year 2006, $2,450,000 for not to exceed 35 
        scholarships.

                   TITLE IV--MISCELLANEOUS PROVISIONS

SEC. 401. WAIVER AUTHORITY WITH RESPECT TO THE PUBLIC LAW 104-114.

    (a) Waiver of Sanctions and Restrictions on Assistance.--
Notwithstanding any other provision of law, the President may waive any 
provision of title I or title II of Public Law 104-114 (22 U.S.C. 6021 
et seq.) if the President determines that to do so will promote the 
peaceful transition to democracy in Cuba.
    (b) Waiver of Grounds of Inadmissibility of Certain Aliens.--
Notwithstanding any other provision of law or regulation, the President 
may waive provisions of title IV of Public Law 104-114 (22 U.S.C. 6021 
et seq.; relating to the inadmissibility of certain aliens) if the 
President determines that to do so will further the national economic 
interest of the United States.

SEC. 402. PROHIBITION ON LIMITING ANNUAL REMITTANCES.

    (a) In General.--Except as provided in subsection (b), the 
Secretary of the Treasury may not limit the amount of remittances to 
Cuba that may be made by any person who is subject to the jurisdiction 
of the United States, and the Secretary shall rescind all regulations 
in effect on the date of enactment of this Act that so limit the amount 
of those remittances.
    (b) Statutory Construction.--Nothing in subsection (a) may be 
construed to prohibit the prosecution or conviction of any person 
committing an offense described in section 1956 of title 18, United 
States Code (relating to the laundering of monetary instruments) or 
section 1957 of such title (relating to engaging in monetary 
transactions in property derived from specific unlawful activity).

SEC. 403. IMPORTATION OF DRUGS AND DEVICES.

    Any prohibition or restriction in law (including a regulation) on 
trade or financial transactions with Cuba shall not apply with respect 
to--
            (1) a new drug for which an application for investigation 
        under section 505(i) of the Federal Food, Drug, and Cosmetic 
        Act (21 U.S.C. 355(i)) has been submitted to the Secretary of 
        Health and Human Services;
            (2) a biological product for which an application for 
        investigation under section 351(a)(3) of the Public Health 
        Service Act (42 U.S.C. 262(a)(3)) has been submitted to the 
        Secretary of Health and Human Services;
            (3) a device for which an application for investigation 
        under section 520(g) of the Federal Food, Drug, and Cosmetic 
        Act (21 U.S.C. 360j(g)) has been submitted to the Secretary of 
        Health and Human Services;
            (4) a drug that is the subject of an approved application 
        under section 505 of the Federal Food, Drug, and Cosmetic Act 
        (21 U.S.C. 355);
            (5) a biological product that is the subject of an approved 
        license under section 351 of the Public Health Service Act (42 
        U.S.C. 262); or
            (6) a device that--
                    (A) is cleared for marketing under section 510(k) 
                of the Federal Food, Drug, and Cosmetic Act (21 U.S.C. 
                360(k));
                    (B) is the subject of an approved application for 
                premarket approval under section 515 of the Federal 
                Food, Drug, and Cosmetic Act (21 U.S.C. 360e); or
                    (C) is exempted from premarket clearance under 
                subsection (l) or (m) of section 510 of the Federal 
                Food, Drug, and Cosmetic Act (21 U.S.C. 360).

SEC. 404. PROHIBITION ON UNILATERAL SANCTIONS ON GOODS OR SERVICES 
              INTENDED FOR EXCLUSIVE USE OF CHILDREN.

    Funds made available under any provision of law may not be used to 
administer or enforce any sanction by the United States on exports of 
goods or services intended for the exclusive use of children (other 
than a sanction imposed pursuant to an agreement with one or more other 
countries).
answer:
Bridges to the Cuban People Act of 2001 - Exempts from the embargo on trade with Cuba (including prohibitions under the Cuban Democracy Act of 1992 against the unloading at a U.S. port of vessels that previously entered a Cuban port to engage in trade) the export of any agricultural commodity, farm machinery or equipment, medicine, or medical device, or any travel incident to the delivery of such items.Prohibits the President from prohibiting or regulating travel to or from or within Cuba by U.S. nationals or lawful resident aliens, including specified transactions ordinarily incident to such travel, financial or otherwise.Authorizes the President to provide scholarships for Cuban nationals who seek to undertake graduate study in public health, public policy, economics, law, or other field of social science.Authorizes the President to waive certain sanctions against, and restrictions on assistance to, Cuba, including the exclusion from the United States of certain aliens who have confiscated property in Cuba of U.S. nationals or who traffics in such property, if he determines that it will promote the peaceful transition to democracy in Cuba or will further U.S. national economic interests.Prohibits the Secretary of the Treasury from limiting the amount of remittances to Cuba that any U.S. person may make.Exempts from prohibitions or restrictions on trade with Cuba the import of certain drugs, biological products, and medical devices into the United States.Prohibits the use of funds to enforce unilateral sanctions on the export of goods and services intended for the exclusive use of children in Cuba.


question:
SECTION 1. PERMANENT EXTENSION OF 50-PERCENT BONUS DEPRECIATION.

    (a) In General.--Subparagraph (B) of section 168(k)(4) of the 
Internal Revenue Code of 1986 (relating to special allowance for 
certain property acquired after September 10, 2001, and before January 
1, 2005) is amended to read as follows:
                    ``(B) 50-percent bonus depreciation property.--For 
                purposes of this subsection, the term `50-percent bonus 
                depreciation property' means property described in 
                paragraph (2)(A)(i)--
                            ``(i) the original use of which commences 
                        with the taxpayer after May 5, 2003, and
                            ``(ii) which is acquired by the taxpayer 
                        after May 5, 2003, but only if no written 
                        binding contract for the acquisition was in 
                        effect before May 6, 2003.''
    (b) Repeal of Termination Dates for 30-Percent Bonus Depreciation 
Property.--Subparagraph (A) of section 168(k)(2) of such Code is 
amended by adding ``and'' at the end of clause (ii) and by striking 
clauses (iii) and (iv) and inserting the following new clause:
                            ``(iii) which is--
                                    ``(I) acquired by the taxpayer 
                                after September 10, 2001, but only if 
                                no written binding contract for the 
                                acquisition was in effect before 
                                September 11, 2001, or
                                    ``(II) acquired by the taxpayer 
                                pursuant to a written binding contract 
                                which was entered into after September 
                                10, 2001.''
    (c) Technical Amendments.--
            (1) Paragraph (2) of section 168(k) of such Code is amended 
        by striking subparagraph (B) and by redesignating the 
        succeeding subparagraphs accordingly.
            (2) Clause (i) of section 168(k)(2)(D) of such Code, as 
        redesignated by paragraph (1), is amended by striking ``and 
        before January 1, 2005''.
            (3) The subsection heading for section 168(k) of such Code 
        is amended by striking ``, and Before January 1, 2005''.

SEC. 2. LONG-TERM CONTRACT ACCOUNTING.

    Section 168(k)(2) of the Internal Revenue Code of 1986 is amended 
by adding after subparagraph (F), as redesignated by section 1, the 
following new subparagraph:
                    ``(F) Long-term contract accounting.--The 
                percentage of completion method under section 460 shall 
                be applied as if this subsection had not been 
                enacted.''.

SEC. 3. ELECTION TO INCREASE MINIMUM TAX CREDIT LIMITATION IN LIEU OF 
              BONUS DEPRECIATION.

    (a) In General.--Section 53 of the Internal Revenue Code of 1986 
(relating to credit for prior year minimum tax liability) is amended by 
adding at the end of the following new subsection:
    ``(e) Additional Credit in Lieu of Bonus Depreciation.--
            ``(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 increased by an amount 
        equal to the bonus depreciation amount.
            ``(2) Bonus depreciation amount.--For purposes of paragraph 
        (1), the bonus depreciation amount for any taxable year is an 
        amount equal to the product of--
                    ``(A) 35 percent, and
                    ``(B) the excess (if any) of--
                            ``(i) the aggregate amount of depreciation 
                        which would be determined under section 168 for 
                        property placed in service during such taxable 
                        year if no election under this subsection were 
                        made, over
                            ``(ii) the aggregate allowance for 
                        depreciation allowable with respect to such 
                        property placed in service for such taxable 
                        year.
            ``(3) Election.--Section 168(k) (other than paragraph 
        (2)(E) thereof) shall not apply to any property placed in 
        service during a taxable year by a corporation making an 
        election under this subsection for such taxable year. An 
        election under this subsection may only be revoked with the 
        consent of the Secretary.
            ``(4) Credit refundable.--The aggregate increase in the 
        credit allowed by this section for any taxable year by reason 
        of this subsection shall for purposes of this title (other than 
        subsection (b)(2) of this section) be treated as a credit 
        allowed to the taxpayer under subpart C.''.
    (b) Conforming Amendment.--Subsection (k) of section 168 of such 
Code is amended by adding at the end the following new paragraph:
            ``(5) Cross reference.--For an election to claim certain 
        minimum tax credits in lieu of the allowance determined under 
        this subsection, see section 53(e).''.

SEC. 4. EFFECTIVE DATE.

    The amendments made by this Act shall apply to taxable years ending 
after December 31, 2004.
answer:

Amends the Internal Revenue Code to: (1) permanently extend the 50 percent and 30 percent bonus depreciation for certain original use property, including water utility property, computer software, or qualified leasehold improvement property; (2) permit the use of the percentage of completion accounting method for computing certain depreciation allowances; and (3) allow corporate taxpayers to elect an increased refundable alternative minimum tax credit in lieu of taking a bonus depreciation deduction.