110 HR 6718 IH: Small Business Technology Improvement U.S. House of Representatives 2008-07-31 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. 6718 IN THE HOUSE OF REPRESENTATIVES July 31, 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 provide accelerated depreciation for computer equipment placed in service by small businesses.

1.

Short title

This Act may be cited as the Small Business Technology Improvement Act of 2008.

2.

Accelerated depreciation for computer equipment placed in service by small businesses

(a)

In general

Subparagraph (A) of section 168(e)(3) of the Internal Revenue Code of 1986 (relating to 3-year property) is amended by striking and at the end of clause (ii), by striking the period at the end of clause (iii) and inserting , and, and by adding at the end the following new clause: (iv)any computer or peripheral equipment (as defined in subsection (i)(2)(B)) which is placed in service by a qualified small business during the taxable year. . (b)

Qualified small business

Subsection (i) of section 168 of such Code is amended by adding at the end the following new paragraph: (18)

Qualified small business

The term qualified small business means any taxpayer which has gross receipts for the taxable year not in excess of $7,000,000. All persons treated as a single employer under subsection (a) or (b) of section 52 or subsection (m) or (o) of section 414 shall be treated as one person for purposes of the preceding sentence. . (c)

Conforming amendment

Clause (iv) of section 168(e)(3)(B) of such Code is amended by inserting (other than property described in subparagraph (A)(iv)) after any qualified technological equipment. (d)

Effective date

The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act, in taxable years ending after such date.