[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 223 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 223

 To amend the Internal Revenue Code of 1986 to increase the current 30 
         percent bonus depreciation to 50 percent for 5 years.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 7, 2003

 Mr. Wilson of South Carolina introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the current 30 
         percent bonus depreciation to 50 percent for 5 years.

    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 ``Business Expensing Act of 2003''.

SEC. 2. FIRST YEAR BONUS DEPRECIATION INCREASED TO 50 PERCENT.

    (a) In General.--Paragraph (1) of section 168(k) of the Internal 
Revenue Code of 1986 (relating to special allowance for certain 
property acquired after September 10, 2001, and before September 11, 
2004) is amended by adding at the end the following new flush sentence:
        ``The preceding sentence shall be applied by substituting `50 
        percent' for `30 percent' with respect to property acquired 
        after December 31, 2002, but only if there was no written 
        binding contract in effect before January 1, 2003, for the 
        acquisition of such property or, in the case of property 
        manufactured, constructed, or produced for the taxpayer's own 
        use, for the manufacture, construction, or production of such 
        property.''.
    (b) Bonus Depreciation Extended to 2007.--Subsection (k) of section 
168 of such Code is amended--
            (1) by striking ``2004'' each place it appears and 
        inserting ``2007'', and
            (2) by striking ``2005'' and ``2006'' in paragraph 
        (2)(A)(iv) and inserting ``2008'' and ``2009'', respectively.
    (c) Effective Date.--The amendment made by this section shall apply 
to taxable years ending after December 31, 2002.
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