[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 224 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 224

To amend the Internal Revenue Code of 1986 to increase the amount that 
       small businesses may expense under section 179 to $75,000.


_______________________________________________________________________


                    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 amount that 
       small businesses may expense under section 179 to $75,000.

    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 ``Small Business Expensing Act of 
2003''.

SEC. 2. INCREASE IN EXPENSING UNDER SECTION 179.

    (a) In General.--Paragraph (1) of section 179(b) of the Internal 
Revenue Code of 1986 (relating to election to expense certain 
depreciable business assets) 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 $75,000.''
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years ending after the date of the enactment of this 
Act.
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