S 2287
109th Congress
Senate
Taxation
Commerce
Computer software
Depreciation and amortization
Economics and Public Finance
Income tax
Indexing (Economic policy)
Science, Technology, Communications
Small business
Tax deductions
A bill to amend the Internal Revenue Code of 1986 to increase and permanently extend the expensing of certain depreciable business assets for small businesses.
Introduced: February 15, 2006
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 15, 2006
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1354)
Feb 15, 2006
Sponsor introductory remarks on measure. (CR S1354)
Feb 15, 2006
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code to: (1) increase the expensing allowance for depreciable business property from $100,000 to $200,000; (2) make such allowance permanent; (3) increase to $800,000 the asset cost threshold for calculating reductions in such allowance; (4) allow an annual inflation adjustment to the expensing allowance and the threshold amount after 2007; and (5) allow a taxpayer to revoke an election to expense such business property without the prior consent of the Secretary of the Treasury.
What's happening now
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1354)
Committees of jurisdiction
1
Cosponsors
1