To amend the Internal Revenue Code of 1986 to increase the amount of depreciable business assets which may be expensed, and for other purposes.

Amends the Internal Revenue Code to increase the dollar limitation on the cost of property which may be expensed by businesses as depreciable assets. Increases the amount of such property that may be placed in service at which phaseout begins.

Increases the limitation on the depreciation deduction for certain automobiles.