[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2638 Introduced in House (IH)]
108th CONGRESS
1st Session
H. R. 2638
To amend the Internal Revenue Code of 1986 to make permanent the
increase in expensing of certain depreciable business assets enacted by
the Jobs and Growth Tax Relief Reconciliation Act 2003.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 26, 2003
Mr. Herger introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to make permanent the
increase in expensing of certain depreciable business assets enacted by
the Jobs and Growth Tax Relief Reconciliation Act 2003.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Small Business Expensing Permanency
Act of 2003''.
SEC. 2. INCREASED EXPENSING FOR SMALL BUSINESS MADE PERMANENT.
(a) In General.--Paragraph (1) of section 179(b) of the Internal
Revenue Code of 1986 (relating to dollar limitation) is amended by
striking ``$25,000 ($100,000 in the case of taxable years beginning
after 2002 and before 2006)'' and inserting ``$100,000''.
(b) Increase in Qualifying Investment at Which Phaseout Begins.--
Paragraph (2) of section 179(b) of such Code (relating to reduction in
limitation) is amended by striking ``$200,000 ($400,000 in the case of
taxable years beginning after 2002 and before 2006)'' and inserting
``$400,000''.
(c) Inflation Adjustments.--Section 179(b)(5)(A) of such Code
(relating to inflation adjustments) is amended by striking ``and before
2006''.
(d) Revocation of Election.--Section 179(c)(2) of such Code
(relating to election irrevocable) is amended by striking ``and before
2006''.
(e) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2002.
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