text: 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.
target: 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.
feat_title: To amend the Internal Revenue Code of 1986 to provide a 1-year extension of the increased expensing of certain depreciable business assets and the special depreciation allowance for certain business property.