A bill to amend the Internal Revenue Code of 1986 to provide for an increase in expensing under section 179.

Amends the Internal Revenue Code by raising the section 179 expensing limitation to $40,000 and the total at which phaseout of maximum benefit begins to $325,000.

[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 2023 Introduced in Senate (IS)]







107th CONGRESS
  2d Session
                                S. 2023

 To amend the Internal Revenue Code of 1986 to provide for an increase 
                    in expensing under section 179.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 15, 2002

 Ms. Collins (for herself, Mr. Bond, Mr. Hutchinson, and Mr. Smith of 
    Oregon) introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to provide for an increase 
                    in expensing under section 179.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INCREASE IN SECTION 179 EXPENSING.

    (a) In General.--Paragraph (1) of section 179(b) of the Internal 
Revenue Code of 1986 (relating to limitations) is amended to read as 
follows:
            ``(1) Dollar limitation.--The aggregate cost which may be 
        taken into account under subsection (a) for any taxable year 
        shall not exceed $40,000.''.
    (b) Increase in Amount of Property Triggering Phaseout of Maximum 
Benefit.--Paragraph (2) of section 179(b) of the Internal Revenue Code 
of 1986 is amended by striking ``$200,000'' and inserting ``$325,000''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2001.
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