S0349B0352A04028 NAD:EJH 04/13/22 #90 A04028
AMENDMENTS TO SENATE BILL NO. 349
Sponsor: REPRESENTATIVE BOYLE
Printer's No. 352
Amend Bill, page 1, lines 14 through 22; page 2, lines 1
through 7; by striking out all of said lines on said pages and
inserting
Section 1. Section 303(a.3) of the act of March 4, 1971
(P.L.6, No.2), known as the Tax Reform Code of 1971, is amended
and the section is amended by adding a subsection to read:
Section 303. Classes of Income.--* * *
[(a.3) The cost of property commonly referred to as Section
179 Property may be treated as a deductible expense only to the
extent allowable under the version of section 179 of the
Internal Revenue Code in effect at the time the property is
placed in service or under section 179 of the Internal Revenue
Code of 1986 (26 U.S.C. § 179), whichever is earlier. The basis
of Section 179 Property shall be reduced, but not below zero,
for costs treated as a deductible expense. The amount of the
reduction shall be the amount deducted on a return and not
disallowed, regardless of whether the deduction results in a
reduction of income.]
* * *
(a.11) The cost of property commonly referred to as Section
179 Property may be treated as a deductible expense only to the
extent allowable under section 179 of the Internal Revenue Code
of 1986 (26 U.S.C. § 179) in effect on the effective date of
this subsection. The basis of Section 179 Property shall be
reduced, but not below zero, for costs treated as a deductible
expense. The amount of the reduction shall be the amount
deducted on a return and not disallowed, regardless of whether
the deduction results in a reduction of income.
* * *
Section 2. This act shall apply to property placed in
service in tax years beginning after December 31, 2020.
Amend Bill, page 2, line 8, by striking out "2" and inserting
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