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.
Input: 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.
Output:
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.