3.0.0 2319 2019-11-15T21:48:21Z 2019-11-15T21:48:21Z House H HR 2005-05-12 109 hswm00 Ways and Means Committee House Standing Referred to 2005-05-12T14:02:05Z 2005-05-12 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2005-05-12 Introduced in House IntroReferral Intro-H 9 Library of Congress 2005-05-12 Introduced in House IntroReferral 1000 9 Library of Congress W000273 Rep. Weller, Jerry [R-IL-11] GERALD WELLER R IL C. 11 N Taxation Accounting Agriculture and Food Aircraft Commerce Computer software Contracts Depreciation and amortization Emergency Management Finance and Financial Sector Fire prevention Housing and Community Development Income tax Minimum tax Private aviation Public utilities Rental housing Science, Technology, Communications Tax credits Tax deductions Tax refunds Transportation and Public Works Water Resources Development Taxation 00 2005-05-12 Introduced in House 2005-06-04T15:11:19Z Amends the Internal Revenue Code to allow a tax deduction in the current taxable year for the entire adjusted basis of certain qualified property eligible for bonus depreciation allowances. Defines "qualified property" to include: (1) computer software, water utility property, or qualified leasehold improvement property that has a depreciation recovery period of 20 years or less and that was acquired after May 12, 2005; and (2) certain noncommercial aircraft acquired after May 12, 2005.

Permits the use of the percentage of completion accounting method for computing certain depreciation allowances.

Allows corporate taxpayers to elect an increased refundable alternative minimum tax credit in lieu of a bonus depreciation deduction.

]]> To amend the Internal Revenue Code of 1986 to allow taxpayers to expense property eligible for bonus depreciation. Display Title To amend the Internal Revenue Code of 1986 to allow taxpayers to expense property eligible for bonus depreciation. Official Title as Introduced To amend the Internal Revenue Code of 1986 to allow taxpayers to expense property eligible for bonus depreciation. Introduced in House 2005-05-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr2319ih/xml/BILLS-109hr2319ih.xml 2005-05-12 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.