[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2638 Introduced in House (IH)]






108th CONGRESS
  1st Session
                                H. R. 2638

   To amend the Internal Revenue Code of 1986 to make permanent the 
increase in expensing of certain depreciable business assets enacted by 
        the Jobs and Growth Tax Relief Reconciliation Act 2003.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 26, 2003

  Mr. Herger 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 make permanent the 
increase in expensing of certain depreciable business assets enacted by 
        the Jobs and Growth Tax Relief Reconciliation Act 2003.

    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 Permanency 
Act of 2003''.

SEC. 2. INCREASED EXPENSING FOR SMALL BUSINESS MADE PERMANENT.

    (a) In General.--Paragraph (1) of section 179(b) of the Internal 
Revenue Code of 1986 (relating to dollar limitation) is amended by 
striking ``$25,000 ($100,000 in the case of taxable years beginning 
after 2002 and before 2006)'' and inserting ``$100,000''.
    (b) Increase in Qualifying Investment at Which Phaseout Begins.--
Paragraph (2) of section 179(b) of such Code (relating to reduction in 
limitation) is amended by striking ``$200,000 ($400,000 in the case of 
taxable years beginning after 2002 and before 2006)'' and inserting 
``$400,000''.
    (c) Inflation Adjustments.--Section 179(b)(5)(A) of such Code 
(relating to inflation adjustments) is amended by striking ``and before 
2006''.
    (d) Revocation of Election.--Section 179(c)(2) of such Code 
(relating to election irrevocable) is amended by striking ``and before 
2006''.
    (e) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2002.
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