110 HR 5107 IH: Giving Resources and Opportunities to U.S. House of Representatives 2008-01-23 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 2d Session H. R. 5107 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.

1.

Short title

This Act may be cited as the Giving Resources and Opportunities to the Workforce Act of 2008.

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.

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.