A bill to amend the Internal Revenue Code to help increase productivity and reduce inflation by providing larger tax deductions for depreciation.

Summary

Amends the Internal Revenue Code, with regard to income tax deductions for depreciation, to increase, in any reasonable allowance, the permissible variance from a particular class life from 20 percent to 30 percent. Permits the taxpayer to disregard salvage value in computing such allowance. Establishes, for any small business whose adjusted tax basis in assets (other than real estate) is $250,000 or less, a straight line depreciation table of specific depreciation lives for specified assets.

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Timeline

1. 25 January 1979

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 25 January 1979

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 25 January 1979

  Open at official source

Sponsors

• Sen. Bentsen, Lloyd M. [D-TX] · D · Sponsor
• Sen. Danforth, John C. [R-MO] · R · Cosponsor
• Sen. Humphrey, Gordon J. [R-NH] · R · Cosponsor
• · ssfi00 · Standing

Related records

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