article: SECTION 1. SHORT TITLE. This Act may be cited as the ``Small Business Expansion and Job Creation Act of 2010''. SEC. 2. EXTENSION OF INCREASE IN LIMITATION ON EXPENSING OF CERTAIN DEPRECIABLE BUSINESS ASSETS. (a) Extension of Increased Limitations.--Paragraph (7) of section 179(b) of the Internal Revenue Code of 1986 is amended-- (1) by striking ``or 2009'' and inserting ``2009, or 2010'', and (2) by striking ``and 2009'' in the heading and inserting ``2009, and 2010''. (b) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2009. SEC. 3. SPECIAL ALLOWANCE FOR CERTAIN PROPERTY ACQUIRED DURING 2010. (a) Extension of Special Allowance.-- (1) In general.--Paragraph (2) of section 168(k) of the Internal Revenue Code of 1986 is amended-- (A) by striking ``January 1, 2011'' and inserting ``January 1, 2012'', and (B) by striking ``January 1, 2010'' each place it appears and inserting ``January 1, 2011''. (2) Conforming amendments.-- (A) The heading for subsection (k) of section 168 of such Code is amended by striking ``2010'' and inserting ``2011''. (B) The heading for clause (ii) of section 168(k)(2)(B) of such Code is amended by striking ``pre- january 1, 2010'' and inserting ``pre-january 1, 2011''. (C) Subparagraph (B) of section 168(l)(5) of such Code is amended by striking ``January 1, 2009'' and inserting ``January 1, 2010''. (D) Subparagraph (C) of section 168(n)(2) of such Code is amended by striking ``January 1, 2009'' and inserting ``January 1, 2010''. (E) Subparagraph (B) of section 1400N(d)(3) of such Code is amended by striking ``January 1, 2009'' and inserting ``January 1, 2010''. (b) Extension of Election To Accelerate the AMT and Research Credits in Lieu of Bonus Depreciation.--Paragraph (4) of section 168(k) of such Code (relating to election to accelerate the AMT and research credits in lieu of bonus depreciation) is amended-- (1) by striking ``January, 1, 2010'' and inserting ``January 1, 2011'' in subparagraph (D)(iii), and (2) by adding at the end the following new subparagraph: ``(I) Special rules for 2010 extension property.-- ``(i) Taxpayers previously electing acceleration.--In the case of a taxpayer who made the election under subparagraph (A) for its first taxable year ending after March 31, 2008, or under subparagraph (H) for its first taxable year ending after December 31, 2008-- ``(I) the taxpayer may elect not to have this paragraph apply to 2010 extension property, but ``(II) if the taxpayer does not make the election under subclause (I), in applying this paragraph to the taxpayer a separate bonus depreciation amount, maximum amount, and maximum increase amount shall be computed and applied to eligible qualified property which is 2010 extension property. ``(ii) Taxpayers not previously electing acceleration.--In the case of a taxpayer who did not make the election under subparagraph (A) for its first taxable year ending after March 31, 2008, or under subparagraph (H) for its first taxable year ending after December 31, 2008-- ``(I) the taxpayer may elect to have this paragraph apply to its first taxable year ending after December 31, 2009, and each subsequent taxable year, and ``(II) if the taxpayer makes the election under subclause (I), this paragraph shall only apply to eligible qualified property which is 2010 extension property. ``(iii) 2010 extension property.--For purposes of this subparagraph, the term `2010 extension property' means property which is eligible qualified property solely by reason of the extension of the application of the special allowance under paragraph (1) pursuant to the amendments made by section 2(a) of the Small Business Expansion and Job Creation Act of 2010 (and the application of such extension to this paragraph pursuant to the amendment made by section 2(b)(1) of such Act).''. (c) Effective Date.--The amendments made by this section shall apply to property placed in service after December 31, 2009, in taxable years ending after such date.
summary: Small Business Expansion and Job Creation Act of 2010 - Amends the Internal Revenue Code to extend through 2010: (1) the increased ($250,000) expensing allowance for depreciable business assets; (2) the additional 50% depreciation allowance for certain types of investment property acquired in 2010; and (3) the election to accelerate the tax credits for the alternative minimum tax and research expenditures in lieu of bonus depreciation.