the amendment made by this section shall apply to taxable years beginning after December 31, 2023. (2) Election to apply extension retroactively In the case of a taxpayer which elects (at such time and in such manner as the Secretary may provide) the application of this paragraph, paragraph (1) shall be applied by substituting December 31, 2021 for December 31, 2023 . 203. Extension of 100 percent bonus depreciation (a) In general Section 168(k)(6)(A) is amended— (1) in clause (i)— (A) by striking 2023 and inserting 2026 , and (B) by adding and at the end, and (2) by striking clauses (ii), (iii), and (iv), and redesignating clause (v) as clause (ii). (b) Property with longer production periods Section 168(k)(6)(B) is amended— (1) in clause (i)— (A) by striking 2024 and inserting 2027 , and (B) by adding and at the end, and (2) by striking clauses (ii), (iii), and (iv), and redesignating clause (v) as clause (ii). (c) Plants bearing fruits and nuts Section 168(k)(6)(C) is amended— (1) in clause (i)— (A) by striking 2023 and inserting 2026 , and (B) by adding and at the end, and (2) by striking clauses (ii), (iii), and (iv), and redesignating clause (v) as clause (ii). (d) Effective dates (1) In general Except as otherwise provided in this subsection, the amendments made by this section shall apply to property placed in service after December 31, 2022. (2) Plants bearing fruits and nuts The amendments made by subsection (c) shall apply to specified plants planted or grafted after December 31, 2022. 204. Increase in limitations on expensing of depreciable business assets (a) In general Section 179(b) is amended— (1) by striking $1,000,000 in paragraph (1) and inserting $1,290,000 , and (2) by striking $2,500,000 in paragraph (2) and inserting $3,220,000 . (b) Inflation adjustment Section 179(b)(6) is amended— (1) by striking 2018 and inserting 2024 (2018 in the case of the dollar amount in paragraph (5)(A)) , and (2) by striking ‘calendar year 2017 and inserting calendar year 2024 ( calendar year 2017 in the case