A bill to amend the Internal Revenue Code of 1954 to allow small businesses to treat for purposes of the deduction for depreciation $100,000 of property placed in service during each taxable year as having a useful life of 3 years.

referredUnited States· United States Congress· EN

Introduced

30 May 1979

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Amends the Internal Revenue Code to permit taxpayers to elect to depreciate tangible personal property with a basis of less than $100,000 on a 36 month basis under the straight line method.

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Documents

1 official file

Introduced in House
summary · EN · 30 May 1979
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/96th-congress/house-bill/4254
Open data entity: https://api.congress.gov/v3/bill/96/hr/4254