By the Federal law dated 27.11.2010 № 308-ФЗ “On Bringing Changes to the Chapters 30 and 31 Part II of the Tax Code of the Russian Federation” article 376 of the Tax Code of the Russian Federation was amended with provisions prescribing that the tax base for the purposes of property taxation should be reduced by the sum of included in the book cost capital investments for construction, reconstruction and (or) modernization of navigation hydrotechnical objects under commissioning, reconstruction and (or) modernization in the Russian internal waterways and seaports.

Besides, according to the Federal law, the above mentioned provisions are not applicable to completed capital investments, included in the book cost of the specified objects before the 1st of January, 2010 and are valid till the 1st of January, 2015.

The Federal law dated 27.11.2010 № 308-ФЗ comes into force in 1 month after the date of its official publication but not earlier than the first day of the next taxation period for the tax specified.