II
111th CONGRESS
1st Session
S. 2822
IN THE SENATE OF THE UNITED STATES
December 1, 2009
Ms. Snowe (for herself and Ms. Landrieu) 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 provide additional tax relief for small businesses, and for other purposes.
Short title; amendment of 1986 Code; table of contents
This Act may be cited as the
Small Business Expensing Permanency
Act
.
Permanent increase in limitations on expensing of certain depreciable business assets
In general
Subsection (b) of section 179 of the Internal Revenue Code of 1986 (relating to limitations) is amended—
by striking $25,000
and all
that follows in paragraph (1) and inserting $250,000.
,
by striking
$200,000
and all that follows in paragraph (2) and inserting
$800,000
,
by striking
after 2007 and before 2011, the $120,000 and $500,000
in
paragraph (5)(A) and inserting after 2009, the $250,000 and the
$800,000
,
by striking
2006
in paragraph (5)(A)(ii) and inserting 2008
,
and
by striking paragraph (7).
Permanent expensing of computer software
Section 179(d)(1)(A)(ii) of the
Internal Revenue Code of 1986 (defining section 179 property) is amended by
striking and before 2011
.
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2008.