HR 4995
110th Congress
House
Taxation
Commerce
Corporation taxes
Depreciation and amortization
Foreign tax credit
Income tax
Losses
Tax credits
Tax deductions
Tax rates
Middle Class Jobs Protection Act of 2008
Introduced: January 16, 2008
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 16, 2008
Referred to the House Committee on Ways and Means.
Jan 16, 2008
Introduced in House
Plain-English summary
Middle Class Jobs Protection Act of 2008 - Amends the Internal Revenue Code to: (1) reduce the maximum corporate income tax rate to 25%; (2) increase the expensing allowance for depreciable business assets to $250,000 in 2008 and 2009; (3) increase to 50% the current year bonus depreciation allowance for certain property placed in service in 2008 and 2009; and (4) allow additional carrybacks for certain net operating losses and for excess business and foreign tax credit amounts arising in 2008 and 2009.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1