S. 2100 · 109th Congress
Tax Depreciation, Modernization, and Simplification Act of 2005
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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
SmithSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Tax Depreciation, Modernization, and Simplification Act of 2005 - Amends the Internal Revenue Code to: (1) authorize the Secretary of the Treasury to modify or create new class lives for depreciable business assets that reasonably reflect anticipated useful life and decline in value; (2) eliminate the mid-quarter accounting convention for determining…
What it does: CRS summary · Introduced in Senate · Dec 14, 2005
Tax Depreciation, Modernization, and Simplification Act of 2005 - Amends the Internal Revenue Code to: (1) authorize the Secretary of the Treasury to modify or create new class lives for depreciable business assets that reasonably reflect anticipated useful life and decline in value; (2) eliminate the mid-quarter accounting convention for determining depreciation; (3) allow an election to consolidate, in a mass asset account, the accounting of depreciable properties that each cost less than $10,000; and (4) extend permanently the $100,000 expensing allowance for depreciable business assets.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Tax Depreciation, Modernization, and Simplification Act of 2005
Latest action (Dec 14, 2005): Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S13576)
Policy area: Taxation · Origin: Senate · Introduced: Dec 14, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.