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Billno should always have and extension i.e. h1.ih
Business Expensing Act of 2003 (Introduced in House)
HR 223 IH
108th CONGRESS
1st Session
H. R. 223
To amend the Internal Revenue Code of 1986 to increase the current 30 percent bonus depreciation to 50 percent for 5 years.
IN THE HOUSE OF REPRESENTATIVES
January 7, 2003
Mr. WILSON of South Carolina 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 increase the current 30 percent bonus depreciation to 50 percent for 5 years.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Business Expensing Act of 2003'.
SEC. 2. FIRST YEAR BONUS DEPRECIATION INCREASED TO 50 PERCENT.
(a) IN GENERAL- Paragraph (1) of section 168(k) of the Internal Revenue Code of 1986 (relating to special allowance for certain property acquired after September 10, 2001, and before September 11, 2004) is amended by adding at the end the following new flush sentence:
`The preceding sentence shall be applied by substituting `50 percent' for `30 percent' with respect to property acquired after December 31, 2002, but only if there was no written binding contract in effect before January 1, 2003, for the acquisition of such property or, in the case of property manufactured, constructed, or produced for the taxpayer's own use, for the manufacture, construction, or production of such property.'.
(b) BONUS DEPRECIATION EXTENDED TO 2007- Subsection (k) of section 168 of such Code is amended--
(1) by striking `2004' each place it appears and inserting `2007', and
(2) by striking `2005' and `2006' in paragraph (2)(A)(iv) and inserting `2008' and `2009', respectively.
(c) EFFECTIVE DATE- The amendment made by this section shall apply to taxable years ending after December 31, 2002.
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