3.0.0 4199 2021-04-19T19:31:33Z 2021-04-19T19:31:33Z House H HR 2012-03-16 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. RIGELL:H.R. 4199.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 1, ``The Congress shall havePower to lay and collect Taxes, Duties, Imposts, and Excises,to pay the Debts and provide for the common Defence andgeneral Welfare of the United States.''[Page H1366]]]> hswm00 Ways and Means Committee House Standing Referred to 2012-03-16T14:00:54Z Investing in American Innovation Act of 2012 112 6109 HR 2012-07-12 Referred to the House Committee on Ways and Means. Related bill CRS 2012-03-16 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2012-03-16 Introduced in House IntroReferral Intro-H 9 Library of Congress 2012-03-16 Introduced in House IntroReferral 1000 9 Library of Congress R000589 Rep. Rigell, E. Scott [R-VA-2] E. Rigell R VA Scott 2 N S000185 Rep. Scott, Robert C. "Bobby" [D-VA-3] Robert Scott D VA C. "Bobby" 3 2012-03-26 False B001245 Del. Bordallo, Madeleine Z. [D-GU-At Large] Madeleine Bordallo D GU Z. 0 2012-03-28 False D000610 Rep. Deutch, Theodore E. [D-FL-19] Theodore Deutch D FL E. 19 2012-04-24 False C001080 Rep. Chu, Judy [D-CA-32] Judy Chu D CA 32 2012-05-08 False Taxation Aviation and airports Business investment and capital Employee hiring Income tax credits Income tax deductions Motor vehicles Veterans' education, employment, rehabilitation Taxation 00 2012-03-16 Introduced in House 2012-05-09T21:17:04Z Closing Corporate Jet Tax Loopholes to Employ Veterans Act of 2012 or the Jets for Vets Act of 2012 - Amends the Internal Revenue Code to classify general aviation aircraft as seven-year property for purposes of the depreciation tax deduction (currently, expenses for aircraft can be deducted or expensed in the current taxable year). Defines "general aviation aircraft" as any airplane or helicopter not used in commercial or contract carrying of passengers or freight, but which primarily engages in the carrying of passengers.

Increases the work opportunity tax credit for the hiring of veterans by increasing the dollar limitation on veteran wages eligible for such credit with revenue saved from the depreciation reclassification of general aviation aircraft by this Act.

]]> Jets for Vets Act of 2012 Short Titles as Introduced Jets for Vets Act of 2012 Short Titles as Introduced Closing Corporate Jet Tax Loopholes to Employ Veterans Act of 2012 Display Title Jets for Vets Act of 2012 Official Title as Introduced To amend the Internal Revenue Code of 1986 to close the corporate jet depreciation loophole and to increase the work opportunity tax credit for veterans. Introduced in House 2012-03-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr4199ih/xml/BILLS-112hr4199ih.xml 2012-03-16 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.