[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1523 Introduced in Senate (IS)]








109th CONGRESS
  1st Session
                                S. 1523

To amend the Internal Revenue Code of 1986 to make permanent increased 
                    expensing for small businesses.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 28, 2005

   Ms. Snowe 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 make permanent increased 
                    expensing for small businesses.

    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 2005''.

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 2008)'' 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 2008)'' 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 
2008''.
    (d) Revocation of Election.--Section 179(c)(2) of such Code 
(relating to election irrevocable) is amended by striking ``and before 
2008''.
    (e) Off-the-Shelf Computer Software.--Section 179(d)(1)(A)(ii) of 
such Code (relating to section 179 property) is amended by striking 
``and before 2008''.
    (f) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.
                                 <all>