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Internal Revenue Bulletin:  2009-29 

July 20, 2009 


Table of Contents

Rev. Proc. 2009-33 Rev. Proc. 2009-33

Section 168(k)(4) extension property guidance. This procedure provides guidance with respect to section 168(k)(4) of the Code, which was extended by section 1201(b) of the American Recovery and Reinvestment Tax Act of 2009 (the Act) to allow corporations to elect not to claim the 50-percent additional first year depreciation deduction by section 168(k)(1) for certain property placed in service generally before January 1, 2010, and instead to increase their business credit limitation under section 38(c) and alternative minimum tax (AMT) credit limitation under section 53(c). This procedure provides guidance to corporations regarding the property eligible for this election, the time and manner for making the elections provided by new section 168(k)(4)(H), and the computation of the amount by which the business credit limitation and the AMT credit limitation may be increased if the elections provided by section 168(k)(4)(H) are or are not made. Rev. Procs. 2008-65 and 2009-16 modified.

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