A bill to amend the Internal Revenue Code of 1986 to increase and permanently extend the expensing of certain depreciable business assets for small businesses.

Summary

Amends the Internal Revenue Code to: (1) increase the expensing allowance for depreciable business property from $100,000 to $200,000; (2) make such allowance permanent; (3) increase to $800,000 the asset cost threshold for calculating reductions in such allowance; (4) allow an annual inflation adjustment to the expensing allowance and the threshold amount after 2007; and (5) allow a taxpayer to revoke an election to expense such business property without the prior consent of the Secretary of the Treasury.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 15 February 2006

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 15 February 2006

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 15 February 2006

  Open at official source

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