Internal Revenue Code:Sec. 1400J. Increase in expensing under section 179

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Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle A - Income Taxes
       CHAPTER 1 - NORMAL TAXES AND SURTAXES
        Subchapter X - Renewal Communities
         PART III - ADDITIONAL INCENTIVES
       

Statute

    Sec. 1400J. Increase in expensing under section 179
 
    (a) In general
      For purposes of section 1397A -
        (1) a renewal community shall be treated as an empowerment
      zone,
        (2) a renewal community business shall be treated as an
      enterprise zone business, and
        (3) qualified renewal property shall be treated as qualified
      zone property.
    (b) Qualified renewal property
      For purposes of this section -
      (1) In general
        The term ''qualified renewal property'' means any property to
      which section 168 applies (or would apply but for section 179) if
      -
          (A) such property was acquired by the taxpayer by purchase
        (as defined in section 179(d)(2)) after December 31, 2001, and
        before January 1, 2010, and
          (B) such property would be qualified zone property (as
        defined in section 1397D) if references to renewal communities
        were substituted for references to empowerment zones in section
        1397D.
      (2) Certain rules to apply
        The rules of subsections (a)(2) and (b) of section 1397D shall
      apply for purposes of this section.
 

Sources

    (Added Pub. L. 106-554, Sec. 1(a)(7) (title I, Sec. 101(a)), Dec.
    21, 2000, 114 Stat. 2763, 2763A-598.)
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in section 1400E of this title.