Chuck Grassley: “The new provision is not intended to apply to aircraft placed in service before January 1, 2005 and does not limit or…”

“The new provision is not intended to apply to aircraft placed in service before January 1, 2005 and does not limit or deny bonus depreciation for aircraft or any other asset that would qualify under the general rules. I would refer the senator to page 30 of the Conference Report. On that page, the conferees clearly state that this provision ``will modify the treatment only of property placed in service during calendar year 2005,''”