S. 2572 · 110th Congress
A bill to amend the Internal Revenue Code of 1986 to provide for bonus depreciation or an additional minimum…
Full title
A bill to amend the Internal Revenue Code of 1986 to provide for bonus depreciation or an additional minimum tax credit in lieu of such bonus depreciation.
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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.
R
VoinovichSponsorNo cosponsors.
Amends the Internal Revenue Code to: (1) increase from 30 to 50% the rate of the special depreciation allowance (bonus depreciation) for certain business equipment and assets placed in service in 2008; and (2) allow a corporation to elect to increase its alternative minimum tax credit by its bonus depreciation amount in lieu of applying such allowance.
What it does: CRS summary · Introduced in Senate · Jan 30, 2008
Amends the Internal Revenue Code to: (1) increase from 30 to 50% the rate of the special depreciation allowance (bonus depreciation) for certain business equipment and assets placed in service in 2008; and (2) allow a corporation to elect to increase its alternative minimum tax credit by its bonus depreciation amount in lieu of applying such allowance.
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 provide for bonus depreciation or an additional minimum tax credit in lieu of such bonus depreciation.
Latest action (Jan 30, 2008): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jan 30, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.