S. 2287 · 109th Congress
A bill to amend the Internal Revenue Code of 1986 to increase and permanently extend the expensing of certain…
Full title
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.
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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
SnoweSponsor5 cosponsors · 5 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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…
What it does: CRS summary · Introduced in Senate · Feb 15, 2006
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: 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.
Latest action (Feb 15, 2006): Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1354)
Policy area: Taxation · Origin: Senate · Introduced: Feb 15, 2006
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.