II 111th CONGRESS 1st Session S. 2822 IN THE SENATE OF THE UNITED STATES December 1, 2009 Ms. Snowe (for herself and Ms. Landrieu) 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 provide additional tax relief for small businesses, and for other purposes.

1.

Short title; amendment of 1986 Code; table of contents

This Act may be cited as the Small Business Expensing Permanency Act.

2.

Permanent increase in limitations on expensing of certain depreciable business assets

(a)

In general

Subsection (b) of section 179 of the Internal Revenue Code of 1986 (relating to limitations) is amended— (1)by striking $25,000 and all that follows in paragraph (1) and inserting $250,000., (2)by striking $200,000 and all that follows in paragraph (2) and inserting $800,000, (3)by striking after 2007 and before 2011, the $120,000 and $500,000 in paragraph (5)(A) and inserting after 2009, the $250,000 and the $800,000, (4)by striking 2006 in paragraph (5)(A)(ii) and inserting 2008, and (5)by striking paragraph (7). (b)

Permanent expensing of computer software

Section 179(d)(1)(A)(ii) of the Internal Revenue Code of 1986 (defining section 179 property) is amended by striking and before 2011. (c)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2008.