[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 364 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                 S. 364

To amend the Internal Revenue Code of 1986 to expand the applicability 
   of section 179 which permits the expensing of certain depreciable 
                                assets.


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                   IN THE SENATE OF THE UNITED STATES

                           February 15, 2001

Mr. Dorgan (for himself and Mr. Daschle) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to expand the applicability 
   of section 179 which permits the expensing of certain depreciable 
                                assets.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

     This Act may be cited as the ``Main Street Business Incentive Act 
of 2001''.

SEC. 2. EXPANSION OF EXPENSING TREATMENT FOR SMALL BUSINESSES.

    (a) Acceleration of Increase in Dollar Limit.--Section 179(b)(1) of 
the Internal Revenue Code of 1986 (relating to dollar limits on 
expensing treatment) is amended to read as follows:
            ``(1) Dollar limitation.--The aggregate cost which may be 
        taken into account under subsection (a) for any taxable year 
        shall not exceed $25,000.''.
    (b) Expensing Available for All Tangible Depreciable Property.--
Section 179(d)(1) of the Internal Revenue Code of 1986 (defining 
section 179 property) is amended by striking ``which is section 1245 
property (as defined in section 1245(a)(3)) and''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2000.
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