H.R. 2319 · 109th Congress
To amend the Internal Revenue Code of 1986 to allow taxpayers to expense property eligible for bonus…
Full title
To amend the Internal Revenue Code of 1986 to allow taxpayers to expense property eligible for bonus depreciation.
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
WellerSponsorNo cosponsors.
Amends the Internal Revenue Code to allow a tax deduction in the current taxable year for the entire adjusted basis of certain qualified property eligible for bonus depreciation allowances.
What it does: CRS summary · Introduced in House · May 12, 2005
Amends the Internal Revenue Code to allow a tax deduction in the current taxable year for the entire adjusted basis of certain qualified property eligible for bonus depreciation allowances. Defines "qualified property" to include: (1) computer software, water utility property, or qualified leasehold improvement property that has a depreciation recovery period of 20 years or less and that was acquired after May 12, 2005; and (2) certain noncommercial aircraft acquired after May 12, 2005.
Permits the use of the percentage of completion accounting method for computing certain depreciation allowances.
Allows corporate taxpayers to elect an increased refundable alternative minimum tax credit in lieu of a bonus depreciation deduction.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To amend the Internal Revenue Code of 1986 to allow taxpayers to expense property eligible for bonus depreciation.
Latest action (May 12, 2005): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: May 12, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.