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.

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

Timeline

1. 11 January 2007

   Introduced

   Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S453-454)

   Source: IntroReferral

2. 11 January 2007

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 17 April 2007

   Introduced

   Sponsor introductory remarks on measure. (CR S4591-4592)

   Source: IntroReferral

4. 26 April 2007

   Introduced

   Sponsor introductory remarks on measure. (CR S5175-5176)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 11 January 2007 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 11 January 2007

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 11 January 2007

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 11 January 2007

  Open at official source

Sponsors

• Rep. Snowe, Olympia J. [R-ME-2] · R · Sponsor
• Rep. Lott, Trent [R-MS-5] · R · Sponsor
• Sen. Isakson, Johnny [R-GA] · R · Sponsor
• Sen. Chambliss, Saxby [R-GA] · R · Sponsor
• Susan Collins · R · Sponsor
• Rep. Cochran, Thad [R-MS-4] · R · Cosponsor
• Sen. Specter, Arlen [R-PA] · R · Cosponsor
• · ssfi00 · Standing

Related records

No cross-record relationships stored yet.