S 269
110th 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: January 11, 2007
See on congress.gov
Everywhere this bill has been
4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 26, 2007
Sponsor introductory remarks on measure. (CR S5175-5176)
Apr 17, 2007
Sponsor introductory remarks on measure. (CR S4591-4592)
Jan 11, 2007
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S453-454)
Jan 11, 2007
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
Sponsor introductory remarks on measure. (CR S5175-5176)
Committees of jurisdiction
1
Cosponsors
1