[Congressional Record Volume 149, Number 68 (Thursday, May 8, 2003)]
[House]
[Page H3766]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1015
  INCREASING BONUS DEPRECIATION PROVIDES IMMEDIATE JOBS AND ECONOMIC 
                                 GROWTH

  (Mr. WILSON of South Carolina asked and was given permission to 
address the House for 1 minute and to revise and extend his remarks.)
  Mr. WILSON of South Carolina. Mr. Speaker, I rise today to applaud 
the jobs and growth plan developed by the gentleman from California 
(Mr. Thomas), chairman of the Committee on Ways and Means. He has 
worked hard to include the best of President George W. Bush's solutions 
to provide more jobs for Americans and giving our economy an immediate 
boost. Particularly I am appreciative that bonus depreciation will be 
increased from 30 to 50 percent for 3 years, an initiative similar to 
the Business Expensing Act of 2003, which I introduced this year. This 
proposal was championed by the gentleman from Illinois (Mr. Weller), 
recognizing that when businesses can save money immediately on buying 
new equipment more money is put into the economy and more jobs are 
created.
  The Heritage Foundation has estimated that this jobs and growth plan 
will create 1.2 million new jobs by the end of 2004 alone. Americans 
need jobs and the economy needs a boost right now. This plan is exactly 
the right plan at the right time.
  In conclusion, God bless our troops.

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