Detailed Instructions: 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. SPECIAL DEPRECIATION ALLOWANCE AND RECOVERY PERIOD FOR
NONCOMMERCIAL AIRCRAFT PROPERTY.

(a) In General.--Section 168 of the Internal Revenue Code of 1986
is amended by adding at the end the following:
''(o) Special Allowance for Noncommercial Airplanes.--
''(1) Additional allowance.--
''(A) In general.--In the case of any qualified
noncommercial aircraft to which this subparagraph
applies--
''(i) the depreciation deduction provided
by section 167(a) for the taxable year in which
such property is placed in service shall
include an allowance equal to 50 percent of the
adjusted basis of the qualified noncommercial
aircraft property, and
''(ii) the adjusted basis of the qualified
noncommercial aircraft property shall be
reduced by the amount of such deduction before
computing the amount otherwise allowable as a
depreciation deduction under this chapter for
such taxable year and any subsequent taxable
year.
''(B) Application to aircraft purchased in 2010 or
2011.--Subparagraph (A) applies to qualified
noncommercial aircraft property placed in service after
December 31, 2009, and before January 1, 2012, which
is--
''(i) acquired by the taxpayer after
December 31, 2009, and before January 1, 2012,
but only if no written binding contract for the
acquisition was in effect before January 1,
2010, or
''(ii) acquired by the taxpayer pursuant to
a written binding contract which was entered
into after December 31, 2009, and before
January 1, 2012, and
''(2) Recovery period.--For purposes of this section--
''(A) In general.--Qualified noncommercial aircraft
to which this subparagraph applies shall be treated as
3-year property.
''(B) Application to aircraft purchased before
2015.--Subparagraph (A) applies to qualified
noncommercial aircraft placed in service after the date
of the enactment of this subsection and before January
1, 2015, which is--
''(i) acquired by the taxpayer after the
date of the enactment of this subsection and
before January 1, 2015, but only if no written
binding contract for the acquisition was in
effect before such date of the enactment, or
''(ii) acquired by the taxpayer pursuant to
a written binding contract which was entered
into after December 31, 2008, and before
January 1, 2015, and
''(3) Qualified noncommercial aircraft property.--For
purposes of this subsection--
''(A) In general.--The term 'qualified
noncommercial aircraft property' means any aircraft--
''(i) which is not used in the trade or
business of transporting persons or property,
''(ii) to which this section applies, and
''(iii) the original use of which commences
with the taxpayer after--
''(I) December 31, 2009, for
purposes of paragraph (1), and
''(II) the date of the enactment of
this subsection for purposes of
paragraph (2).
''(B) Exceptions.--
''(i) Bonus depreciation property under
subsection (k).--The term 'qualified
noncommercial aircraft property' shall not
include any property to which subsection (k)(1)
applies.
''(ii) Alternative depreciation property.--
The term 'qualified noncommercial aircraft
property' shall not include any property to
which the alternative depreciation system under
subsection (g) applies, determined--
''(I) without regard to paragraph
(7) of subsection (g) (relating to
election to have system apply), and
''(II) after application of section
280F(b) (relating to listed property
with limited business use).
''(iii) Election out.--If a taxpayer makes
an election under this clause with respect to
any class of property for any taxable year,
this subsection shall not apply to all property
in such class placed in service during such
taxable year.
''(C) Special rule for self-constructed property.--
In the case of a taxpayer manufacturing, constructing,
or producing property for the taxpayer's own use, if
the taxpayer begins manufacturing, constructing, or
producing the property--
''(i) after December 31, 2009, and before
January 1, 2012, for purposes of paragraph (1),
and
''(ii) after the date of the enactment of
this subsection and before January 1, 2015, for
purposes of paragraph (2),
the requirements of paragraph (1)(B) or (2)(B) (as the
case may be) shall be treated as met.
''(D) Deduction allowed in computing minimum tax.--
For purposes of determining alternative minimum taxable
income under section 55, the deduction under subsection
(a) for qualified noncommercial aircraft property shall
be determined under this section without regard to any
adjustment under section 56.''.
(b) Effective Date.--The amendments made by this section shall
apply to property placed in service after the date of the enactment of
this Act, in taxable years ending after such date.
Solution:
Amends the Internal Revenue Code to allow: (1) increased depreciation of qualified noncommercial aircraft property placed in service in 2010 or 2011; and (2) a three-year recovery period for the depreciation of such property placed in service before 2015. Defines "qualified noncommercial aircraft property" as any aircraft that is not used in the trade or business of transporting persons or property and that is first used after 2009. Allows such increased depreciation as an offset against the alternative minimum tax.