I
110th CONGRESS
2d Session
H. R. 5107
IN THE HOUSE OF REPRESENTATIVES
January 23, 2008
Ms. Bean 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 allow a 5-year carryback for certain net operating losses and to increase the dollar limitation on expensing certain depreciable assets.
Short title
This Act may be cited as the
Giving Resources and Opportunities to
the Workforce Act of 2008
.
5-year carryback for certain net operating losses
In general
Subsection (H) of
section 172(b)(1) of the Internal Revenue Code of 1986 is amended by inserting
or beginning during 2007, 2008, or 2009,
after
2002,
.
Effective date
The amendments made by this section shall apply to net operating losses for taxable years beginning after December 31, 2006.
Temporary increase in dollar limitation on expensing certain depreciable business assets
Dollar limitation
Paragraph (1) of
section 179(b) of the Internal Revenue Code of 1986 (relating to limitations)
is amended by striking $125,000 in the case of taxable years beginning
after 2006 and before 2011
and inserting $125,000 in the case of
taxable years beginning in 2007, 2009, or 2010 and $250,000 in the case of
taxable years beginning in 2008
.
Effective date
The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2007.