To amend the Internal Revenue Code of 1986 to allow taxpayers to expense property eligible for bonus depreciation.

Summary

Amends the Internal Revenue Code to allow a tax deduction in the current taxable year for the entire adjusted basis of certain qualified property eligible for bonus depreciation allowances. Defines "qualified property" to include: (1) computer software, water utility property, or qualified leasehold improvement property that has a depreciation recovery period of 20 years or less and that was acquired after May 12, 2005; and (2) certain noncommercial aircraft acquired after May 12, 2005. Permits the use of the percentage of completion accounting method for computing certain depreciation allowances. Allows corporate taxpayers to elect an increased refundable alternative minimum tax credit in lieu of a bonus depreciation deduction.

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

Timeline

1. 12 May 2005

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 12 May 2005

   Introduced

   Introduced in House

   Source: IntroReferral

3. 12 May 2005

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 12 May 2005 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 12 May 2005

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 12 May 2005

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 12 May 2005

  Open at official source

Sponsors

• Rep. Weller, Jerry [R-IL-11] · R · Sponsor
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.