S. 304 · 111th Congress
Main Street Recovery Act
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
DorganSponsorNo cosponsors.
Main Street Recovery Act - Provides for a 15% investment tax credit through June 30, 2010, for the purchase of business equipment and machinery.
What it does: CRS summary · Introduced in Senate · Jan 22, 2009
Main Street Recovery Act - Provides for a 15% investment tax credit through June 30, 2010, for the purchase of business equipment and machinery.
Amends the Internal Revenue Code to: (1) extend through June 30, 2010, the additional 50% depreciation allowance (bonus depreciation) for business and investment property; (2) allow such depreciation for nonresidential real property or residential rental property; and (3) extend through 2010 the increased expensing allowance for depreciable business assets and expand the types of depreciable property eligible for expensing.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Main Street Recovery Act
Latest action (Jan 22, 2009): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jan 22, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.