S1056B1509A06472 VDL:CMD 04/12/18 #90 A06472
AMENDMENTS TO SENATE BILL NO. 1056
Sponsor: SENATOR BROWNE
Printer's No. 1509
Amend Bill, page 1, lines 10 and 11, by striking out
"providing for definitions" and inserting
defining taxable income
Amend Bill, page 1, line 14, by striking out "401(3)1(q) and
(r)" and inserting
401(3)1(r) and (s)
Amend Bill, page 2, lines 2 through 8, by striking out all of
said lines and inserting
(r) [Notwithstanding] The following apply:
(1) For property
Amend Bill, page 2, by inserting between lines 22 and 23
(2) For property placed in service after September 27, 2017,
notwithstanding paragraph (a), if a deduction for depreciation
of qualified property was included in taxable income in
accordance with paragraph (q), an additional deduction for
depreciation of the qualified property shall be allowed from
taxable income until the total amount included as taxable income
under paragraph (q) has been claimed. The additional deduction
shall be equal to the depreciation on the qualified property for
the taxable year as determined in accordance with sections 167
and 168 of the Internal Revenue Code of 1986 (26 U.S.C. §§ 167
and 168) , except that section 168(k) of the Internal Revenue
Code of 1986 (26 U.S.C. § 168(k)) shall not apply .
(s) [With] The following apply:
(1) For property placed in service before September 28,
2017, an additional deduction shall be allowed from taxable
income in the earlier of the taxable year in which qualified
property is fully depreciated for Federal income tax purposes,
or is sold or otherwise disposed of by a taxpayer to the extent
the amount of depreciation claimed under section 168(k) of the
Internal Revenue Code of 1986 (26 U.S.C. § 168(k)), on the
qualified property and included in taxable income under
paragraph (q) has not been recovered through the additional
2018/90VDL/SB1056A06472 - 1 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
deductions provided under paragraph (r)(1).
(2) For property placed in service after September 27, 2017,
with respect to qualified property which is sold or otherwise
disposed of during a taxable year by a taxpayer and for which
depreciation was included as taxable income under paragraph (q),
an additional deduction shall be allowed from taxable income to
the extent the amount of depreciation claimed under section
168(k) of the Internal Revenue Code of 1986 (26 U.S.C. § 168(k))
on the qualified property has not been recovered through the
additional deductions provided by paragraph [(r)] (r)(2).
Amend Bill, page 2, line 24, by striking out "401(3)1(q) and
(r)" and inserting
401(3)1(r) and (s)
2018/90VDL/SB1056A06472 - 2 -
1
2
3
4
5
6
7
8
9
10
11
12
13
See A06472 in
the context
of SB1056