I 111th CONGRESS 2d Session H. R. 4661 IN THE HOUSE OF REPRESENTATIVES February 23, 2010 Mr. Hodes 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 increase the dollar limitation on expensing certain depreciable assets and to extend the deduction for an additional year.

1.

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 $250,000 in the case of taxable years beginning in 2010 or 2011. (b)

Reduction in limitation

Paragraph (2) of section 179(b) of such Code is amended by striking 2011 and inserting 2012. (c)

Election

Paragraph (2) of section 179(c) of such Code is amended by striking 2011 and inserting 2012. (d)

Computer software

Clause (ii) of section 179(d)(1)(A) of such Code is amended by striking 2011 and inserting 2012. (e)

Conforming amendments

(1)

Repeal of inflation adjustment

Section 179(b) of such Code is amended by striking paragraph (5). (2)

Repeal of 2008 and 2009 adjustments

Section 179(b) of such Code is amended by striking paragraph (7). (f)

Effective Date

The amendments made by this section shall apply to taxable years beginning after December 31, 2009.