Small Business Expensing Expansion and Permanency Act of 2007

Summary

Small Business Expensing Expansion and Permanency Act of 2007 - Amends the Internal Revenue Code to: (1) increase the expensing allowance (i.e., a tax deduction in the current taxable year) for small business assets to $200,000 and make such allowance permanent; (2) increase the threshold for phaseout of such allowance to $800,000 (cost basis of property placed in service); (3) allow an inflation adjustment to the expensing and threshold amounts beginning after 2007; (4) make permanent the right of a taxpayer to revoke an election to expense; and (5) make permanent the inclusion of certain computer software as property eligible for expensing.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 March 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 29 March 2007

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 29 March 2007

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.