S. 1523Senate109th Congress (2005-2007)In Committee

Small Business Expensing Permanency Act of 2005

Introduced July 28, 2005

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9290)

July 28, 2005

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SenateIntro Referral

Introduced in Senate

July 28, 2005

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S9290)

July 28, 2005

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9290)

July 28, 2005

Floor Debate

14 members

What members said about S. 1523 on the floor

8 Republicans6 Democrats
Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Jul 28, 2005

Mr. President, I am introducing the Teacher Acculturation Act of 2005 as a means to address an issue that impedes effective learning in our Nation's classrooms, and that is cultural incongruence.…

Arlen Specter
Sen. Arlen SpecterR-PA · Jul 28, 2005

Mr. President, I have sought recognition today to introduce the Roads to Success Act of 2005, which is legislation designed to expand higher educational and career opportunities for American…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Jul 28, 2005

Mr. President, I am pleased to introduce the ``Medical Malpractice Insurance Antitrust Act of 2005.'' In the ongoing debate about health care costs, this legislation is a targeted and responsible…

Michael B. Enzi
Sen. Michael B. EnziR-WY · Jul 28, 2005

Mr. President, these people all have something in common: the former Queen Mother of Britain; diet guru Dr. Robert Atkins; former Tonight Show co-host Ed McMahon; former first lady Nancy Reagan; and…

Mitch McConnell
Sen. Mitch McConnellR-KY · Jul 28, 2005

Mr. President, I rise today to introduce the Equine Equity Act of 2005 with my colleague from Arkansas, Mrs. Lincoln, and my colleague from Kentucky, Mr. Bunning. Each spring on the first Saturday of…

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John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · Jul 28, 2005

Mr. President, today, I rise, along with my cosponsor, Senator DeWine, to reintroduce legislation called I TEACH, Incentives to Educate America's Children Act of 2005. This legislation is an…

Edward M. Kennedy
Sen. Edward M. KennedyD-MA · Jul 28, 2005

Mr. President, today, Senator Reed and I are introducing the ``Vaccine Administration and Supply Act.'' Congressman Waxman is introducing a companion bill in the House. Our goal is to improve vaccine…

Lisa Murkowski
Sen. Lisa MurkowskiR-AK · Jul 28, 2005

Mr. President, today I introduce a bill that is very important to a small community in my home State of Alaska. This bill will authorize the U.S. Forest Service to convey approximately 12 acres of…

Pete V. Domenici
Sen. Pete V. DomeniciR-NM · Jul 28, 2005

Mr. President, in the American West, we are frequently faced with the challenge of how best to allocate our scarce water resources among numerous competing interests. There is no better example of…

Barbara A. Mikulski
Sen. Barbara A. MikulskiD-MD · Jul 28, 2005

Mr. President, I am pleased to join Senator Enzi in introducing the Keeping Seniors Safe from Falls Act of 2005. Falls are a serious public health problem that affects millions of seniors each year.…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Jul 28, 2005

Mr. President, I rise today to introduce legislation on behalf of the Nation's millions of small businesses and self-employed individuals. I am pleased to join with my colleague in the House,…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Jul 28, 2005

Mr. President, I rise today to introduce legislation on behalf of the Nation's millions of small businesses and self-employed individuals. I am pleased to join with my colleague in the House,…

Saxby Chambliss
Sen. Saxby ChamblissR-GA · Jul 28, 2005

Mr. President, today I introduce the Hunting Heritage Protection Act of 2005. With the introduction of this important legislation, we are able to acknowledge our Nation's rich heritage of hunting.…

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Jon Kyl
Sen. Jon KylR-AZ · Jul 28, 2005

Mr. President, today: I am pleased to join with Senator McCain to introduce the City of Yuma Improvement Act of 2005. This bill authorizes the conveyance to the city of Yuma of six small parcels of…

Barbara Boxer
Sen. Barbara BoxerD-CA · Jul 28, 2005

Mr. President, I am introducing legislation today that would ban additional oil and gas drilling in the Los Padres National Forest. My colleague from California, Senator Feinstein, joins me in this…

Bill Text

Latest available legislative text

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Introduced in SenateIssued July 28, 2005

II

109th CONGRESS

1st Session

S. 1523

IN THE SENATE OF THE UNITED STATES

July 28, 2005

Ms. Snowe introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to make permanent increased expensing for small businesses.

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 2008.

(d)

Revocation of election

Section 179(c)(2) of such Code (relating to election irrevocable) is amended by striking and before 2008.

(e)

Off-the-Shelf computer software

Section 179(d)(1)(A)(ii) of such Code (relating to section 179 property) is amended by striking and before 2008.

(f)

Effective date

The amendments made by this section shall take effect on the date of the enactment of this Act.