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 from $19,000 (or $25,000 for taxable year 2003 or thereafter) to $60,000 the amount of depreciable business assets (section 179 property) which may be expensed (deducted for the taxable year in which it is placed in service, as an expense not chargeable to capital account). Increases from $200,000 to $300,000 the threshold cost of such property at which phaseout of such deduction begins.

Increases by $15,700 the limitation on the amount of the depreciation deduction for any taxable year for any (luxury) passenger automobile.