To amend the Internal Revenue Code of 1986 to permanently extend the 50-percent bonus depreciation added by the Jobs and Growth Tax Relief Reconciliation Act of 2003, and for other purposes.

Amends the Internal Revenue Code to permanently extend the 50 percent and 30 percent bonus depreciation for certain original use property, including water utility property, computer software, or qualified leasehold improvement property, with a recovery period of 20 years or less. Allows a taxpayer to elect an increased refundable minimum tax credit in lieu of taking a bonus depreciation deduction.