Tax Depreciation, Modernization, and Simplification Act of 2007

Summary

Tax Depreciation, Modernization, and Simplification Act of 2007 - Amends the Internal Revenue Code to: (1) authorize the Secretary of the Treasury to modify or create new class lives for depreciable business assets that reasonably reflect anticipated useful life and decline in value; (2) eliminate the mid-quarter accounting convention for determining depreciation; (3) allow an election to consolidate, in a mass asset account, the accounting of depreciable properties that each cost less than $10,000; and (4) extend permanently the $100,000 expensing allowance for depreciable business assets.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 24 April 2007

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 24 April 2007

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• Introduced in Senate

  summary · EN · 24 April 2007

  Open at official source

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