[Congressional Record Volume 148, Number 37 (Tuesday, April 9, 2002)]
[Extensions of Remarks]
[Page E450]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  INTRODUCTION OF ``SMALL BUSINESS INVESTMENT IN GROWTH ACT OF 2002''

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                        HON. DONALD A. MANZULLO

                              of illinois

                    in the house of representatives

                         Tuesday, April 9, 2002

  Mr. MANZULLO. Mr. Speaker, I rise today to applaud President Bush for 
recently releasing a comprehensive Small Business Agenda. The 
President's Small Business Agenda includes substantive and vital tax 
and regulatory reforms including, among them, provisions to amend the 
Internal Revenue Code of 1986 to provide for an immediate increase in 
expensing under Section 179. Accordingly, I rise today to introduce a 
bill, the ``Small Business Investment in Growth Act of 2002,'' 
identical to the President's expensing provisions and to legislation 
introduced in the Senate on Friday, March 15, 2002, by Senators Susan 
Collins of Maine and Kit Bond of Missouri.
  As Chairman of the Committee on Small Business, I strongly welcome 
the Job Creation and Worker Assistance Act of 2002 Congress passed and 
the President signed last month to stimulate growth and promote 
prosperity for all Americans. Unfortunately, the final bill did not 
include small business expensing--a priority I believe would be crucial 
in increasing small business investment and growth in our economy. 
Accordingly, my bill would increase immediately the expensing and 
equipment cost limitations under Section 179 of the Internal Revenue 
Code to $40,000 and $325,000 respectively. Unambiguously, these simple 
and cost effective changes would boost small business spending and 
economic growth.
  Small entrepreneurs strongly support the proposed changes because 
they understand that the current law limitations of $24,000 and 
$200,000 are woefully outdated and counterproductive. The majority of 
small entrepreneurs exceed these current annual cost limits in only 
three months. Increasing Section 179 expensing for America's small 
entities will lower their cost of capital and enable them to compete, 
to expand, and to create new jobs.
  Mr. Speaker, I am proud to offer this bipartisan bill together with 
the Committee on Small Business Ranking Democrat Nydia M. Velazquez of 
New York, Representative Rob Portman of Ohio and of the Ways and Means 
Committee, and several other distinguished members. We urge its prompt 
passage in this Congress.

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