H.R. 1797 · 110th Congress
Small Business Expensing Expansion and Permanency Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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HergerSponsor14 cosponsors · 14 R
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Brady
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English
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Musgrave
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Goode
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McMorris Rodgers
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McHugh
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McCotter
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Terry
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Bartlett
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Doolittle
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Manzullo
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Kuhl
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Fossella
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Paul3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Small Business Expensing Expansion and Permanency Act of 2007 - Amends the Internal Revenue Code to: (1) increase the expensing allowance (i.e., a tax deduction in the current taxable year) for small business assets to $200,000 and make such allowance permanent; (2) increase the threshold for phaseout of such allowance to $800,000 (cost basis of property…
What it does: CRS summary · Introduced in House · Mar 29, 2007
Small Business Expensing Expansion and Permanency Act of 2007 - Amends the Internal Revenue Code to: (1) increase the expensing allowance (i.e., a tax deduction in the current taxable year) for small business assets to $200,000 and make such allowance permanent; (2) increase the threshold for phaseout of such allowance to $800,000 (cost basis of property placed in service); (3) allow an inflation adjustment to the expensing and threshold amounts beginning after 2007; (4) make permanent the right of a taxpayer to revoke an election to expense; and (5) make permanent the inclusion of certain computer software as property eligible for expensing.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Small Business Expensing Expansion and Permanency Act of 2007
Latest action (Mar 30, 2007): Sponsor introductory remarks on measure. (CR E701-702)
Policy area: Taxation · Origin: House · Introduced: Mar 29, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.