(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) $35,000, or
Amended 2000
- 2000 Pub. L. 106-554 Pub. L. 106–554, § 1(a)(7) [title I, § 114(a)], substituted “$35,000” for “$20,000”.
(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) Termination This section shall not apply to any property placed in service in taxable years beginning after December 31, 2020.
Amended 1997, 2000, 2020
- 2020 Pub. L. 116-260 Pub. L. 116–260 added subsec. (c).
- 2000 Pub. L. 106-554 Pub. L. 106–554, § 1(a)(7) [title I, § 114(b)], struck out heading and text of subsec. (c). Text read as follows: “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).”
- 1997 Pub. L. 105-34 Pub. L. 105–34 added subsec. (c).