[Congressional Record (Bound Edition), Volume 154 (2008), Part 1]
[House]
[Page 953]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           BONUS DEPRECIATION

  (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 thank the 
bipartisan leadership and the White House for including a bonus 
depreciation provision in the proposed economic stimulus package.
  Currently, the package we plan to vote on tomorrow will include a 50 
percent bonus depreciation for the first year for certain machinery and 
equipment purchases. This increase in bonus depreciation was included 
in the Jobs Tax Relief Act of 2003 and contributed to the productivity 
of small businesses, a boost in job creation, and a steady rise in the 
growth of the economy over the last 5 years. This incentive for small 
businesses enables them to compete with foreign competitors. The best 
way to weather this current economic storm is to build on the 
principles that have made our economy the envy of the world. That means 
lower taxes, less government regulation, and economic incentives for 
American businesses. We should promote the concept that the people 
should keep their own money which they know how to spend best as 
explained by editor Jerry Bellune of the Lexington County Chronicle.
  In conclusion, God bless our troops, and we will never forget 
September the 11th.

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