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.

3.0.0 269 2023-01-11T20:05:47Z 2023-01-11T20:05:47Z Senate S S 2007-01-11 110 ssfi00 Finance Committee Senate Standing Referred to 2007-01-11T23:43:47Z 2007-04-26 Sponsor introductory remarks on measure. (CR S5175-5176) IntroReferral B00100 9 Library of Congress 2007-04-17 Sponsor introductory remarks on measure. (CR S4591-4592) IntroReferral B00100 9 Library of Congress 2007-01-11 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S453-454) IntroReferral 2007-01-11 Introduced in Senate IntroReferral 10000 9 Library of Congress S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. N L000447 Sen. Lott, Trent [R-MS] CHESTER LOTT R MS TRENT 2007-01-11 True I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2007-01-11 True C000286 Sen. Chambliss, Saxby [R-GA] SAXBY CHAMBLISS R GA 2007-01-11 True C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. 2007-01-11 True C000567 Sen. Cochran, Thad [R-MS] Thad Cochran R MS 2007-01-18 False S000709 Sen. Specter, Arlen [R-PA] ARLEN SPECTER R PA 2008-01-25 False Taxation Commerce Computer software Depreciation and amortization Economics and Public Finance Income tax Indexing (Economic policy) Science, Technology, Communications Small business Tax deductions Taxation

00 2007-01-11 Introduced in Senate 2007-01-20T17:35:22Z 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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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. Official Title as Introduced 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. Introduced in Senate IS Display Title 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. Introduced in Senate 2007-01-11T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s269is/xml/BILLS-110s269is.xml 2007-04-26 Sponsor introductory remarks on measure. (CR S5175-5176) 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.