Tina Smith: “I have language that would correct this oversight in the original 2002 Act. My language would ensure that sales of…”

“I have language that would correct this oversight in the original 2002 Act. My language would ensure that sales of equipment which involve numerous units of the same good, subject to the same lease, would not inadvertently be excluded from the bonus depreciation benefits of the 2002 Act, simply because the manufacturer was placing the goods into service as they were being manufactured, prior to his ultimate sale of the goods, subject to the master lease, to the ultimate purchaser. My language would ensure that no abuse of the bonus depreciation could occur and that the final sale of the products occurs within a short period of time. I would ask the Chairman to reassure the many heavy manufacturers of the United States and the purchasers of new equipment that this oversight in the 2002 Act will be rectified when the House and Senate meet in conference to iron out the differences in our respective tax legislation.”