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.
Short title
This Act may be cited as the
Small Business Expensing Permanency
Act of 2005
.
Increased expensing for small business made permanent
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
.
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
.
Inflation adjustments
Section
179(b)(5)(A) of such Code (relating to inflation adjustments) is amended by
striking and before 2008
.
Revocation of election
Section 179(c)(2) of
such Code (relating to election irrevocable) is amended by striking and
before 2008
.
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
.
Effective date
The amendments made by this section shall take effect on the date of the enactment of this Act.