SECTION 3. APPLICATION

To reflect the statutory changes made to § 179 by § 2021 of the Small Business Jobs Act, section 3.20 of Rev. Proc. 2009–50, as modified by Rev. Proc. 2010–24, is modified to read as follows:

.20 Election to Expense Certain Depre- ciable Assets. For taxable years beginning in 2010, under § 179(b)(1)(B) the aggregate cost of any § 179 property a taxpayer may elect to treat as an expense cannot exceed $500,000. Under § 179(b)(2)(B), the $500,000 limitation is reduced (but not below zero) by the amount by which the cost of § 179 property placed in service during the 2010 taxable year exceeds $2,000,000.