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H.R. 1388House109th Congress (2005-2007)In Committee

Small Business Expensing Permanency Act of 2005

Sponsored by Wally HergerRep. Wally Herger (R-CA)
Introduced March 17, 2005

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HouseIntro Referral Latest Action

Referred to the House Committee on Ways and Means.

Ways and Means Committee

March 17, 2005

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HouseIntro Referral

Introduced in House

March 17, 2005

HouseIntro Referral

Sponsor introductory remarks on measure. (CR E507-508)

March 17, 2005

HouseIntro Referral

Referred to the House Committee on Ways and Means.

Ways and Means Committee

March 17, 2005

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Introduced in HouseIssued March 17, 2005

I

109th CONGRESS

1st Session

H. R. 1388

IN THE HOUSE OF REPRESENTATIVES

March 17, 2005

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 and extended by the American Jobs Creation Act of 2004.

1.

Short title

This Act may be cited as the Small Business Expensing Permanency Act of 2005.

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 2008) 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 2008) 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 take effect on the date of the enactment of this Act.