26 USC 1397A: Increase in expensing under section 179

26 USC 1397A: Increase in expensing under section 179 Text contains those laws in effect on January 23, 2000

From Title 26-INTERNAL REVENUE CODESubtitle A-Income TaxesCHAPTER 1-NORMAL TAXES AND SURTAXESSubchapter U-Designation and Treatment of Empowerment Zones, Enterprise Communities, and Rural Development Investment AreasPART III-ADDITIONAL INCENTIVES FOR EMPOWERMENT ZONESSubpart B-Additional Expensing

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§1397A. Increase in expensing under section 179

(a) General rule

In the case of an enterprise zone business, for purposes of section 179-

(1) the limitation under section 179(b)(1) shall be increased by the lesser of-

(A) $20,000, or

(B) the cost of section 179 property which is qualified zone property placed in service during the taxable year, and

(2) the amount taken into account under section 179(b)(2) with respect to any section 179 property which is qualified zone property shall be 50 percent of the cost thereof.

(b) Recapture

Rules similar to the rules under section 179(d)(10) shall apply with respect to any qualified zone property which ceases to be used in an empowerment zone by an enterprise zone business.

(c) Limitation

For purposes of this section, qualified zone property shall not include any property substantially all of the use of which is in any parcel described in section 1391(g)(3)(A)(iii).

(Added Pub. L. 103–66, title XIII, §13301(a), Aug. 10, 1993, 107 Stat. 552 ; amended Pub. L. 105–34, title IX, §952(c), Aug. 5, 1997, 111 Stat. 887 .)

Amendments

1997-Subsec. (c). Pub. L. 105–34 added subsec. (c).