High Productivity and Economic Growth Act of 2002

Summary

Introduced High Productivity Investment Act of 2001 - Amends the Internal Revenue Code to allow the expensing of the cost of high productivity property (defined as certain computer and computer related property, electronic equipment, semiconductor manufacturing equipment, optical fiber equipment, advanced environmental or life science products, and etc.). Directs that an election to treat property in such a fashion shall be made on an asset by asset basis, and that the cost of such property shall not include so much of the basis as is determined by reference to the basis of other property held at any time by the taxpayer. Provides for a recapture if the property is not used predominately in a trade or business at any time. Excludes certain property from qualifying for high productivity expensing. Makes permanent the 30 percent expensing for certain property acquired after September 10, 2001. Prescribes that the depreciation rules shall not be modified for purposes of the alternative minimum tax.

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

Timeline

1. 26 July 2002

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 26 July 2002

   Introduced

   Introduced in House

   Source: IntroReferral

3. 26 July 2002

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 26 July 2002 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 26 July 2002

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 26 July 2002

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 26 July 2002

  Open at official source

Sponsors

• Rep. English, Phil [R-PA-3] · R · Sponsor
• Richard Neal · D · Sponsor
• · hswm00 · Standing

Related records

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