[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5107 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 5107

To amend the Internal Revenue Code of 1986 to allow a 5-year carryback 
for certain net operating losses and to increase the dollar limitation 
                on expensing certain depreciable assets.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 23, 2008

   Ms. Bean 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 allow a 5-year carryback 
for certain net operating losses and to increase the dollar limitation 
                on expensing 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 ``Giving Resources and Opportunities 
to the Workforce Act of 2008''.

SEC. 2. 5-YEAR CARRYBACK FOR CERTAIN NET OPERATING LOSSES.

    (a) In General.--Subsection (H) of section 172(b)(1) of the 
Internal Revenue Code of 1986 is amended by inserting ``or beginning 
during 2007, 2008, or 2009,'' after ``2002,''.
    (b) Effective Date.--The amendments made by this section shall 
apply to net operating losses for taxable years beginning after 
December 31, 2006.

SEC. 3. TEMPORARY INCREASE IN DOLLAR LIMITATION ON EXPENSING CERTAIN 
              DEPRECIABLE BUSINESS ASSETS.

    (a) Dollar Limitation.--Paragraph (1) of section 179(b) of the 
Internal Revenue Code of 1986 (relating to limitations) is amended by 
striking ``$125,000 in the case of taxable years beginning after 2006 
and before 2011'' and inserting ``$125,000 in the case of taxable years 
beginning in 2007, 2009, or 2010 and $250,000 in the case of taxable 
years beginning in 2008''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 2007.
                                 <all>