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

    This Act may be cited as the ``Tinnitus Research for Military 
Health Improvement Act''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) Tinnitus, or the perception of sound where no external 
        source of such sound exists, is the most prevalent disabling 
        condition that affects members of the Armed Forces, most 
        notably those members who have been exposed to blast injuries 
        during combat, or other high noise level situations.
            (2) Tinnitus is the leading service-connected disability 
        for returning members of the Armed Forces and the prevalence of 
        tinnitus is continuing to increase at alarming rates.
            (3) An otologic, or ear, injury such as tinnitus has been 
        shown to decrease performance and situational awareness during 
        combat, seriously compromising the ability of a member of the 
        Armed Forces to hear and execute commands properly, thereby 
        jeopardizing not only the affected member but other members as 
        well.
            (4) While certain types of sensory impairment in combat or 
        other military activities may be readily apparent, otologic 
        injuries such as tinnitus may not be easily noticeable, which 
        necessitates the need for more rigorous screening for tinnitus 
        before and after deployment, and for additional research to 
        distinguish tinnitus from other forms of brain injury incurred 
        during combat.
            (5) Medical evidence to date suggests a demonstrated link 
        between tinnitus and post-traumatic stress disorder and 
        traumatic brain injury, such that improved understanding of 
        treatment of tinnitus may also directly advance research 
        efforts to address post-traumatic stress disorder and traumatic 
        brain injury.
            (6) Improving the treatment and prevention of tinnitus will 
        benefit all members of the Armed Forces who are increasingly at 
        risk of injury from high-decibel equipment or explosive 
        devices.

SEC. 3. CENTER OF EXCELLENCE FOR THE STUDY OF TINNITUS.

    (a) Establishment.--
            (1) In general.--The Secretary of Defense shall establish 
        one or more Centers of Excellence (in this section referred to 
        as a ``center'') for the study of tinnitus.
            (2) Location.--The Secretary shall establish a center at a 
        military installation in the United States where members of the 
        Armed Forces perform activities involving high rates of sound, 
        including artillery instruction and other basic combat training 
        related activities.
    (b) Responsibilities.--A center shall have the responsibilities as 
follows:
            (1) To study and enhance existing treatment modalities for 
        members of the Armed Forces with tinnitus, including diagnosed 
        cases of recurrent, chronic, or severe tinnitus.
            (2) To conduct basic and clinical research to prevent, 
        treat, and cure tinnitus, including studies on the neurological 
        changes in the brain associated with tinnitus.
            (3) To coordinate research activities with the Defense 
        Centers of Excellence for Psychological Health and Traumatic 
        Brain Injury in order to establish a tinnitus data registry for 
        members of the Armed Forces affected with tinnitus and other 
        neurological conditions that will enhance scientific progress 
        toward improvements in treatment for tinnitus and associated 
        neurological combat related conditions.
    (c) Reports.--Not later than one year after the date of the 
enactment of this Act, and annually thereafter, the Secretary of 
Defense shall submit to Congress a report on the activities of the 
center.
    (d) Authorization of Appropriations.--There is authorized to be 
appropriated to carry out this section $7,000,000 for each of fiscal 
years 2011 through 2016.

SEC. 4. AURAL SCREENINGS FOR MEMBERS OF THE ARMED FORCES.

    (a) In General.--Paragraph (2) of section 1074f(b) of title 10, 
United States Code, is amended by adding at the end the following new 
subparagraph:
            ``(D) An aural screening, including an assessment of 
        tinnitus.''.
    (b) Effective Date.--Section 1074f(b)(2) of title 10, United States 
Code, as added by subsection (a) of this section, shall apply to 
members of the Armed Forces who are deployed or return from deployment 
on or after the date that is 30 days after the date of the enactment of 
this Act.

SEC. 5. GRANT PROGRAM TO ENCOURAGE TINNITUS RESEARCH.

    (a) In General.--Subject to the availability of appropriations 
provided for such purpose, the Secretary of Defense shall establish a 
program to award grants to institutions to assist such institutions in 
conducting research on recurrent, chronic, or severe tinnitus and 
peripheral neurological conditions, including research related to 
neurology, pharmacology, audiology, otolaryngology, and other 
disciplines that the Secretary determines appropriate according to 
newly discovered evidence-based findings.
    (b) Eligibility.--
            (1) Teaching program.--An institution eligible to receive a 
        grant under this section is--
                    (A) a hospital with a teaching program described in 
                section 1861(b)(6) of the Social Security Act (42 
                U.S.C. 1395x); or
                    (B) an educational institution with demonstrated 
                expertise in tinnitus research.
            (2) Application.--To be eligible to receive a grant under 
        this section, an institution shall submit an application to the 
        Secretary of Defense at such time, in such manner, and 
        containing such information as the Secretary may require. The 
        Secretary shall ensure that such applications are peer-reviewed 
        by multidisciplinary tinnitus experts from both the public and 
        private sector.
    (c) Grant Amount.--An institution awarded a grant under this 
section may not receive more than $2,500,000 per fiscal year under this 
section.
    (d) Reports.--Not later than December 31 of each year a grant may 
be awarded under this section, the Secretary of Defense shall submit to 
Congress a report on the grant program, including a summary of the 
research related to tinnitus conducted by each grant recipient.
    (e) Authorization of Appropriations.--There is authorized to be 
appropriated to carry out this section $10,000,000 for each of fiscal 
years 2011 through 2016.

SEC. 6. IMPROVING AURAL PROTECTION FOR MEMBERS OF THE ARMED FORCES.

    (a) In General.--The Secretary of Defense shall examine methods to 
improve the aural protection for members of the Armed Forces in combat.
    (b) Report.--Not later than one year after the date of the 
enactment of this Act, the Secretary shall submit to Congress a report 
on the methods to improve aural protection examined under subsection 
(a).

SEC. 7. EXECUTIVE AGENT FOR TINNITUS.

    (a) Executive Agent.--Not later than 90 days after the date of the 
enactment of this Act, the Secretary of Defense shall designate a 
senior official of the Department of Defense to act as the executive 
agent for tinnitus.
    (b) Roles, Responsibilities, and Authorities.--
            (1) In general.--Not later than one year after the date of 
        the enactment of this Act, and in accordance with Directive 
        5101.1, the Secretary of Defense shall prescribe the roles, 
        responsibilities, and authorities of the executive agent 
        designated under subsection (a).
            (2) Specification.--The roles and responsibilities of the 
        executive agent designated under subsection (a) shall include 
        coordinating common functions related to tinnitus among the 
        military departments.
    (c) Support.--In accordance with Directive 5101.1, the Secretary of 
Defense shall ensure that the military departments, Defense Agencies, 
and other components of the Department of Defense provide the executive 
agent designated under subsection (a) with the appropriate support and 
resources needed to perform the roles, responsibilities, and 
authorities of the executive agent.
    (d) Definitions.--In this section:
            (1) The term ``Directive 5101.1'' means Department of 
        Defense Directive 5101.1, or any successor directive relating 
        to the responsibilities of an executive agent of the Department 
        of Defense.
            (2) The term ``executive agent'' has the meaning given the 
        term ``DoD Executive Agent'' in Directive 5101.1.

SOLUTION: Tinnitus Research for Military Health Improvement Act - Directs the Secretary of Defense (DOD) to establish one or more centers of excellence for the study of tinnitus. Requires such centers to be established at military installations where members of the Armed Forces perform activities involving high rates of sound, including artillery instruction. Outlines center activities, including researching and enhancing treatments for members with tinnitus.

Requires the inclusion, within a current medical tracking system for members deployed overseas, of an aural screening which shall include an assessment of tinnitus.

Directs the Secretary to establish a grant program to assist eligible institutions in conducting research on recurrent, chronic, or severe tinnitus and peripheral neurological conditions. Makes eligible for such grants: (1) a hospital with an approved teaching program as defined under the Social Security Act; or (2) an educational institution with demonstrated expertise in tinnitus research.

Requires the Secretary to designate a senior DOD official to act as the executive agent for tinnitus.

PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Volcano Early Warning and 
Monitoring System Act''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Secretary.--The term ``Secretary'' means the Secretary 
        of the Interior, acting through the Director of the United 
        States Geological Survey.
            (2) System.--The term ``System'' means the National Volcano 
        Early Warning and Monitoring System established under section 
        3(a)(1).

SEC. 3. NATIONAL VOLCANO EARLY WARNING AND MONITORING SYSTEM.

    (a) Establishment.--
            (1) In general.--The Secretary shall establish within the 
        United States Geological Survey a system, to be known as the 
        ``National Volcano Early Warning and Monitoring System'', to 
        monitor, warn, and protect citizens of the United States from 
        undue and avoidable harm from volcanic activity.
            (2) Purposes.--The purposes of the System are--
                    (A) to organize, modernize, standardize, and 
                stabilize the monitoring systems of the volcano 
                observatories in the United States, which include the 
                Alaska Volcano Observatory, California Volcano 
                Observatory, Cascades Volcano Observatory, Hawaiian 
                Volcano Observatory, Yellowstone Volcano Observatory, 
                and other volcano observatories established under 
                subsection (d); and
                    (B) to unify the monitoring systems of volcano 
                observatories in the United States into a single 
                interoperative system.
            (3) Objective.--The objective of the System is to monitor 
        all the volcanoes in the United States at a level commensurate 
        with the threat posed by the volcanoes by--
                    (A) upgrading existing networks on monitored 
                volcanoes;
                    (B) installing new networks on unmonitored 
                volcanoes; and
                    (C) employing geodetic and other components when 
                applicable.
    (b) System Components.--
            (1) In general.--The System shall include--
                    (A) a national volcano watch office that is 
                operational 24 hours a day and 7 days a week;
                    (B) a national volcano data center; and
                    (C) an external grants program to support research 
                in volcano monitoring science and technology.
            (2) Modernization activities.--Modernization activities 
        under the System shall include the comprehensive application of 
        emerging technologies, including digital broadband 
        seismometers, real-time continuous Global Positioning System 
        receivers, satellite and airborne radar interferometry, 
        acoustic pressure sensors, and spectrometry to measure gas 
        emissions.
    (c) Management.--
            (1) Management plan.--
                    (A) In general.--Not later than 180 days after the 
                date of enactment of this Act, the Secretary shall 
                submit to Congress a 5-year management plan for 
                establishing and operating the System.
                    (B) Inclusions.--The management plan submitted 
                under subparagraph (A) shall include--
                            (i) annual cost estimates for modernization 
                        activities and operation of the System;
                            (ii) annual milestones, standards, and 
                        performance goals; and
                            (iii) recommendations for, and progress 
                        towards, establishing new, or enhancing 
                        existing, partnerships to leverage resources.
            (2) Advisory committee.--The Secretary shall establish an 
        advisory committee to assist the Secretary in implementing the 
        System, to be comprised of representatives of relevant agencies 
        and members of the scientific community, to be appointed by the 
        Secretary.
            (3) Partnerships.--The Secretary may enter into cooperative 
        agreements with institutions of higher education and State or 
        territorial agencies designating the institutions of higher 
        education and State or territorial agencies as volcano 
        observatory partners for the System.
            (4) Coordination.--The Secretary shall coordinate the 
        activities under this Act with the heads of relevant Federal 
        agencies, including--
                    (A) the Secretary of Transportation;
                    (B) the Administrator of the Federal Aviation 
                Administration;
                    (C) the Administrator of the National Oceanic and 
                Atmospheric Administration; and
                    (D) the Director of the Federal Emergency 
                Management Administration.
    (d) Volcano Observatory in Pacific U.S. Territories.--
            (1) Feasibility study.--Not later than 180 days after the 
        date of enactment of this Act, the Secretary shall conduct a 
        study to assess the feasibility of establishing volcano 
        observatories in Guam, the Northern Mariana Islands, and 
        American Samoa to monitor volcanic activity across the western 
        and southern Pacific Ocean along the Ring of Fire, including 
        underwater volcanic activity in such region.
            (2) Consultation.--The Secretary shall consult with 
        appropriate territorial and local entities in conducting the 
        study.
            (3) Cooperative agreement.--If the study required by 
        paragraph (1) determines that such observatories are feasible, 
        then the Secretary, subject to the availability of 
        appropriations, may enter into cooperative agreements under 
        subsection (c)(3) with institutions of higher education or 
        territorial agencies to establish such volcano observatories as 
        part of the National Volcano Early Warning and Monitoring 
        System.
    (e) Annual Report.--In each of fiscal years 2018 through 2024, the 
Secretary shall submit to Congress a report that describes the 
activities carried out under this Act.

SEC. 4. FUNDING.

    (a) Authorization of Appropriations.--There is authorized to be 
appropriated to the Secretary to carry out this Act $15,000,000 for 
each of fiscal years 2018 through 2024.
    (b) Effect on Other Sources of Federal Funding.--Amounts made 
available under this section shall supplement, and not supplant, 
Federal funds made available for other United States Geological Survey 
hazards activities and programs.

SOLUTION: National Volcano Early Warning and Monitoring System Act (Sec. 3) This bill directs the United States Geological Survey (USGS) to establish the National Volcano Early Warning and Monitoring System to monitor, issue warnings of, and protect U.S. citizens from undue and avoidable harm from, volcanic activity.  The purposes of the system are to: (1) organize, modernize, standardize, and stabilize the monitoring systems of U.S. volcano observatories; and (2) unify such systems into a single interoperative system. The objective of the system is to monitor all U.S. volcanoes at a level commensurate with the threat posed by the volcanoes by: (1) upgrading existing networks on monitored volcanoes, (2) installing new networks on unmonitored volcanoes, and (3) employing geodetic and other components when applicable. The system shall include: (1) a national volcano watch office that is operational 24 hours a day and 7 days a week, (2) a national volcano data center, (3) an external grants program to support research in volcano monitoring science and technology, and (4) modernization activities including the comprehensive application of emerging technologies. The USGS must: (1) submit to Congress a five-year management plan for establishing and operating the system, and (2) establish an advisory committee to assist in implementing the system.  The USGS may enter into cooperative agreements designating institutions of higher education and state or territorial agencies as volcano observatory partners for the system. The USGS must conduct a study to assess the feasibility of establishing volcano observatories in Guam, the Northern Mariana Islands, and American Samoa to monitor volcanic activity across the western and southern Pacific Ocean along the Ring of Fire. If determined to be feasible, the USGS may enter into cooperative agreements with institutions of higher education or territorial agencies to establish such observatories as part of the National Volcano Early Warning and Monitoring System.

PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Job Creation Economic Stimulus Act 
of 2008''.

SEC. 2. ADOPTION OF THE HIGH PRODUCTIVITY INVESTMENT DEDUCTION.

    (a) In General.--Part VI of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 (relating to itemized deductions for 
individuals and corporations) is amended by inserting after section 168 
the following new section:

``SEC. 168A. HIGH PRODUCTIVITY INVESTMENT DEDUCTION.

    ``(a) Treatment as Expenses.--A taxpayer may elect to treat the 
cost of any high productivity property as an expense not chargeable to 
capital account. Any cost so treated shall be allowed as a deduction in 
the taxable year in which the high productivity property is placed in 
service.
    ``(b) Definition of High Productivity Property.--
            ``(1) In general.--Except as provided in paragraph (3), the 
        term `high productivity property' means any--
                    ``(A) computer,
                    ``(B) computer related peripheral equipment,
                    ``(C) computer based machinery,
                    ``(D) electronic diagnostic equipment,
                    ``(E) electronic control equipment,
                    ``(F) other electronic, electromechanical, laser or 
                computer based equipment,
                    ``(G) computer software,
                    ``(H) equipment used in the manufacture of 
                semiconductors,
                    ``(I) high technology medical equipment,
                    ``(J) advanced technology communications equipment,
                    ``(K) optical fiber and photonics equipment,
                    ``(L) advanced environmental products,
                    ``(M) advanced life science products, or
                    ``(N) new high productivity assets.
            ``(2) Definitions.--For purposes of this subsection:
                    ``(A) Computer.--The term `computer' means a 
                programmable electronically activated device which--
                            ``(i) is capable of accepting information, 
                        applying prescribed processes to the 
                        information, and supplying the results of those 
                        processes, and
                            ``(ii) consists of a central processing 
                        unit containing extensive storage, logic, 
                        arithmetic and control capabilities.
                    ``(B) Computer related peripheral equipment.--The 
                term `computer related peripheral equipment' means any 
                auxiliary machine or other equipment (whether on-line 
                or off-line) which is designed to be placed under the 
                control of the central processing unit of a computer 
                (as determined without regard to whether such machine 
                or equipment is an integral part of other property 
                which is not a computer).
                    ``(C) Computer based machinery.--The term `computer 
                based machinery' means any machine which--
                            ``(i) cuts, forms, shapes, drills, bores, 
                        mixes, paints, seals, welds, or otherwise 
                        transforms material, or
                            ``(ii) handles, conveys, assembles, or 
                        packages materials or products,
                by responding to electronically stored information and 
                programmed commands.
                    ``(D) Electronic diagnostic equipment.--The term 
                `electronic diagnostic equipment' means equipment that 
                uses electronic components to sense or monitor 
                location, size, volume, surface characteristics, 
                pressure, temperature, speed, chemical composition, or 
                other similar characteristics.
                    ``(E) Electronic control equipment.--The term 
                `electronic control equipment' means equipment that 
                electronically controls pressure, temperature, size, 
                volume, composition purity or other similar 
                characteristics.
                    ``(F) High technology medical equipment.--The term 
                `high technology medical equipment' means any 
                electronic, electromechanical, or computer-based high 
                technology equipment used in the screening, monitoring, 
                observation, diagnosis, or treatment of patients in a 
                laboratory, medical, or hospital environment.
                    ``(G) Advanced technology communications 
                equipment.--The term `advanced technology 
                communications equipment' means equipment used in the 
                transmission or reception of voice, data, video, 
                paging, messaging, or other communications services 
                that are delivered using packet technology. A packet is 
                a unit of data, or sequence of binary digits, that is 
                routed between an origin and a destination on a packet-
                switched network.
                    ``(H) Optical fiber and photonics equipment.--The 
                term `optical fiber and photonics equipment' means 
                optical fiber and the equipment and materials used to 
                generate, manipulate and direct light particles over 
                such fiber.
                    ``(I) Advanced environmental products.--The term 
                `advanced environmental product' means any high cell 
                density ceramic or other device used for the control of 
                nitrogen oxide and particulate emissions.
                    ``(J) Advanced life sciences products.--The term 
                `advanced life sciences product' means any polymer, 
                ceramic or high-purity glass product used in biological 
                research.
                    ``(K) New high productivity assets.--
                            ``(i) In general.--The term `new high 
                        productivity assets' means any asset utilizing 
                        1 or more technological or scientific processes 
                        which were not in common commercial use before 
                        January 1, 2007.
                            ``(ii) Determinations.--The Secretary shall 
                        establish procedures pursuant to which 
                        taxpayers can seek a public ruling that a 
                        particular class of assets qualifies as new 
                        high productivity assets. The procedures shall 
                        require the Secretary to provide a 
                        determination within 90 days of receipt of a 
                        properly completed request for a public ruling.
            ``(3) Excluded property.--The term `high productivity 
        property' shall not include--
                    ``(A) an entire car, locomotive, aircraft, ship or 
                other vehicle solely because the vehicle is controlled 
                in whole or part by a computer or other electronic 
                equipment,
                    ``(B) any equipment of a kind used primarily for 
                entertainment or amusement of the user, and
                    ``(C) typewriters, calculators, copiers, 
                duplication equipment, and other similar equipment.
    ``(c) Election.--An election under this section for any taxable 
year shall--
            ``(1) be made on an asset by asset basis, and
            ``(2) be made on the taxpayer's return of the tax imposed 
        by this chapter for the taxable year.
    ``(d) Special Rules.--
            ``(1) Cost.--For purposes of this section, the cost of 
        property does not include so much of the basis of such property 
        as is determined by reference to the basis of other property 
        held at any time by the person acquiring such property.
            ``(2) Antichurning rules.--
                    ``(A) In general.--This section shall not apply to 
                any property acquired by the taxpayer after December 
                31, 2007, if--
                            ``(i) the property was owned or used at any 
                        time during the period beginning on January 1, 
                        2007, and ending on December 31, 2007, by the 
                        taxpayer or a related person,
                            ``(ii) the property was owned or used at 
                        any time during the period described in clause 
                        (i), and, as part of the transaction, the user 
                        of the property does not change,
                            ``(iii) the taxpayer leases such property 
                        to a person (or a person related to such 
                        person) who owned or used such property at any 
                        time during the period described in clause (i), 
                        or
                            ``(iv) the property is acquired in a 
                        transaction as part of which the user of such 
                        property does not change and the property was 
                        acquired from a person to which clause (ii) or 
                        clause (iii) applies.
                    ``(B) Applicable cost recovery rules.--Section 168 
                shall apply to any property to which this section does 
                not apply by reason of this paragraph.
                    ``(C) Special rules.--For purposes of this 
                paragraph--
                            ``(i) property shall not be treated as 
                        owned before it is placed in service, and
                            ``(ii) whether the user of a property 
                        changes will be determined in accordance with 
                        regulations prescribed by the Secretary.
            ``(3) Recapture in certain cases.--The Secretary shall, by 
        regulations, provide for the recapturing the benefit under any 
        deduction allowable under subsection (a) with respect to any 
        property which is not used predominantly in a trade or business 
        at any time.
            ``(4) Alternative depreciation system applies.--The 
        election under subsection (a) may not be made with respect to 
        property which at any time during the taxable year in which 
        such property is placed in service is--
                    ``(A) described in paragraph (1) of section 
                168A(g), or
                    ``(B) `listed property' `not predominantly used in 
                a qualified business use' as such terms apply for 
                purposes of paragraph (1) of 280F(b).
    ``(e) Termination.--This section shall only apply to property which 
is--
            ``(1) acquired by the taxpayer after December 31, 2007, and 
        before January 1, 2009, but only if no written binding contract 
        for the acquisition was in effect before January 1, 2008, or
            ``(2)(A) acquired by the taxpayer pursuant to a written 
        binding contract which was entered into after December 31, 
        2007, and before January 1, 2009, and
            ``(B) placed in service in taxable years beginning after 
        December 31, 2009.''.
    (b) Conforming Amendment.--The table of sections for part VI of 
subchapter B of chapter 1 of such Code is amended by adding after 
section 168 the following new item:

``Sec. 168A. High productivity investment deduction.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2007, with 
respect to taxable years beginning after such date.

SEC. 3. 50 PERCENT ALLOWANCE FOR DEPRECIATION FOR CERTAIN PROPERTY 
              ACQUIRED DURING 2008.

    (a) In General.--Paragraph (4) of section 168(k) of the Internal 
Revenue Code of 1986 (relating to 50-percent bonus for certain 
property) is amended--
            (1) by striking ``May 5, 2003'' each place it appears and 
        inserting ``December 31, 2007'',
            (2) by striking ``January 1, 2005'' each place it appears 
        and inserting ``January 1, 2009'',
            (3) by striking ``May 6, 2003'' in subparagraph (B)(ii)(I) 
        and inserting ``January 1, 2008'',
            (4) by striking ``January 1, 2006'' in subparagraph 
        (B)(iii) and inserting ``January 1, 2010'', and
            (5) by striking ``of 30-percent bonus'' in the heading for 
        subparagraph (E).
    (b) Repeal of Basis Limitation for Certain Property.--Subparagraph 
(B) of section 168(k)(2) of such Code is amended by striking clause 
(ii) and redesignating clause (iii) as clause (ii).
    (c) Syndications.--Paragraph (4) of section 168(k) of such Code 
(relating to 50-percent depreciation for certain property) is amended 
by adding at the end the following:
                    ``(F) Syndications.--For purposes of applying 
                paragraph (2)(A)(ii) by reason of this paragraph, if 
                property--
                            ``(i) is treated as originally placed in 
                        service after December 31, 2007, either 
                        directly or by a lessor of such property or 
                        pursuant to paragraph (2)(D)(ii), and
                            ``(ii) is sold within 6 months after such 
                        property is so placed in service,
                such property shall be treated as originally placed in 
                service not earlier than the date of such sale.''.
    (d) Effective Date.--
            (1) In general.--The amendments made by this section shall 
        apply to property placed in service in taxable years beginning 
        after December 31, 2007.
            (2) Exception for certain property.--The amendments made by 
        this section shall not apply to any property to which section 
        105 of the Gulf Opportunity Zone Act of 2005 applies.

SEC. 4. DEPRECIATION RULES NOT MODIFIED FOR PURPOSES OF ALTERNATIVE 
              MINIMUM TAX.

    (a) Determination of Alternative Taxable Income.--Paragraph (1) of 
section 56(a) of the Internal Revenue Code of 1986 (relating to 
depreciation) is amended by adding at the end the following new 
subparagraph:
                    ``(E) Termination.--This paragraph shall not apply 
                to property placed in service in a taxable year 
                beginning in 2008 or 2009.''.
    (b) Determination of Adjusted Current Earnings.--Subparagraph (A) 
of section 56(g)(4) of such Code (relating to depreciation) is amended 
by adding at the end the following new clause:
                            ``(vi) Termination.--This subparagraph 
                        shall not apply to property placed in service 
                        in a taxable year beginning in 2008 or 2009.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2007, in taxable 
years beginning after such date.

SEC. 5. LONG-TERM CONTRACT ACCOUNTING.

    (a) In General.--Section 168(k)(2) of the Internal Revenue Code of 
1986 is amended by adding after subparagraph (G) the following new 
subparagraph:
                    ``(H) Long-term contract accounting.--The 
                percentage of completion method under section 460 shall 
                be applied as if this subsection had not been 
                enacted.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to property placed in service after the date of the enactment of 
this Act in taxable years ending after such date.

SEC. 6. LONG-TERM UNUSED CREDITS ALLOWED AGAINST MINIMUM TAX.

    (a) In General.--Subsection (c) of section 53 of the Internal 
Revenue Code of 1986 (relating to limitation) is amended by adding at 
the end the following new paragraph:
            ``(2) Special rule for corporations with long-term unused 
        credits.--
                    ``(A) In general.--If a corporation to which 
                section 56(g) applies has a long-term unused minimum 
                tax credit for a taxable year, the credit allowable 
                under subsection (a) for the taxable year shall not 
                exceed the greater of--
                            ``(i) the limitation determined under 
                        paragraph (1) for the taxable year, or
                            ``(ii) the least of the following for the 
                        taxable year:
                                    ``(I) The sum of the tax imposed by 
                                section 55 and the regular tax reduced 
                                by the sum of the credits allowed under 
                                subparts A, B, D, E, and F of this 
                                part.
                                    ``(II) The long-term unused minimum 
                                tax credit.
                                    ``(III) The sum of--
                                            ``(aa) 50 percent of 
                                        qualified investment, plus
                                            ``(bb) the qualified 
                                        investment carryover to the 
                                        taxable year.
                    ``(B) Long-term unused minimum tax credit.--For 
                purposes of this paragraph--
                            ``(i) In general.--The long-term unused 
                        minimum tax credit for any taxable year is the 
                        portion of the minimum tax credit determined 
                        under subsection (b) attributable to the 
                        adjusted net minimum tax for taxable years 
                        beginning after 1986 and ending before the 3rd 
                        taxable year immediately preceding the taxable 
                        year for which the determination is being made.
                            ``(ii) First-in, first-out ordering rule.--
                        For purposes of clause (i), credits shall be 
                        treated as allowed under subsection (a) on a 
                        first-in, first-out basis.
                    ``(C) Qualified investment and qualified investment 
                carryover.--For purposes of this paragraph--
                            ``(i) Qualified investment.--Qualified 
                        investment is property described in section 
                        1245(a)(3) placed in service in the taxable 
                        year.
                            ``(ii) Qualified investment carryover.--The 
                        qualified investment carryover is the amount by 
                        which 50 percent of qualified investment 
                        exceeds the amount of tax in paragraph 
                        (2)(A)(ii)(I). The qualified investment 
                        carryover may be carried only to the first 
                        taxable year following the current year.
                    ``(D) Termination.--Subparagraph (A) shall not 
                apply to any taxable year beginning after December 31, 
                2008.''.
    (b) Conforming Amendments.--Section 53(c) of such Code is amended--
            (1) by striking ``The'' and inserting the following:
            ``(1) In general.--The''; and
            (2) by redesignating paragraphs (1) and (2) as 
        subparagraphs (A) and (B), respectively.

SOLUTION:
Job Creation Economic Stimulus Act of 2008 - Amends the Internal Revenue Code to allow the expensing of the cost of certain high productivity property placed in service in 2008, including computer and computer-related peripheral equipment, electronic equipment, software, high technology medical equipment, and advanced environmental and life science products.

Allow a 50% depreciation allowance for certain business equipment acquired in 2008.

Exempts acclerated depreciation amounts related to properties placed in service in 2008 or 2009 from adjustments in computing alternative minimum taxable income.

Allows an offset in 2008 against the alternative minimum tax liability of corporations for their long-term unused tax credits.