[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 206 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 206

   To amend the Internal Revenue Code of 1986 to prevent pending tax 
                   increases, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 6, 2011

   Mr. Neugebauer (for himself, Mr. Chaffetz, Mr. King of Iowa, Mr. 
 Garrett, Mr. McCaul, Mr. Barton of Texas, Mr. Burton of Indiana, Mr. 
Paul, Mr. Lamborn, Ms. Foxx, Mr. Bartlett, Mr. McKinley, Mrs. McMorris 
    Rodgers, Mr. Burgess, Mr. Stearns, Mr. Coffman of Colorado, Mr. 
 Simpson, Mr. Broun of Georgia, Mr. McKeon, Mr. Miller of Florida, Mr. 
  Latta, Mr. Bishop of Utah, Mr. Poe of Texas, Mr. Crawford, and Mr. 
  Marchant) 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 prevent pending tax 
                   increases, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EGTRRA, JGTRRA, AND CERTAIN OTHER TAX RELIEF MADE PERMANENT.

    (a) Economic Growth and Tax Relief Reconciliation Act of 2001.--
Title IX of the Economic Growth and Tax Relief Reconciliation Act of 
2001 is hereby repealed.
    (b) Income Tax Rates on Dividends and Net Capital Gain.--Section 
303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 is 
hereby repealed.
    (c) Deduction for State and Local Sales Taxes.--Paragraph (5) of 
section 164(b) of the Internal Revenue Code of 1986 is amended by 
striking subparagraph (I).
    (d) Deduction for Tuition and Related Expenses.--Section 222 of 
such Code is amended by striking subsection (e).
    (e) Increased Expensing for Small Business.--
            (1) Dollar limitation.--Paragraph (1) of section 179(b) of 
        such Code is amended by striking subparagraphs (C) and (D) and 
        inserting the following new subparagraph:
                    ``(C) $125,000 in the case of taxable years 
                beginning after 2011.''.
            (2) Increase in qualifying investment at which phaseout 
        begins.--Paragraph (2) of section 179(b) of such Code is 
        amended by striking subparagraphs (C) and (D) and inserting the 
        following new subparagraph:
                    ``(C) $500,000 in the case of taxable years 
                beginning after 2011.''.
            (3) Inflation adjustments.--Paragraph (6) of section 179 of 
        such Code is amended to read as follows:
            ``(6) Inflation adjustments.--
                    ``(A) In general.--In the case of any taxable year 
                beginning in a calendar year after 2012, the $125,000 
                and $500,000 amounts in paragraphs (1)(C) and (2)(C) 
                shall each be increased by an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for the 
                        calendar year in which the taxable year begins, 
                        by substituting `calendar year 2011' for 
                        `calendar year 1992' in subparagraph (B) 
                        thereof.
                    ``(B) Rounding.--
                            ``(i) Dollar limitation.--If the amount in 
                        paragraph (1)(C), as increased under 
                        subparagraph (A), is not a multiple of $1,000, 
                        such amount shall be rounded to the nearest 
                        multiple of $1,000.
                            ``(ii) Phaseout amount.--If the amount in 
                        paragraph (2)(C), as increased under 
                        subparagraph (A), is not a multiple of $10,000, 
                        such amount shall be rounded to the nearest 
                        multiple of $10,000.''.
            (4) Revocation of election.--Paragraph (2) of section 
        179(c) of such Code (relating to election irrevocable) is 
        amended by striking ``and before 2013''.
            (5) Computer software.--Clause (ii) of section 179(d)(1)(A) 
        of such Code is amended by striking ``and before 2012''.
    (f) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.
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