To increase and expand expensing under section 179 of the Internal Revenue Code of 1986 for property in hurricane disaster areas declared in 2005.
Gulf Region Economic Assistance Tax Relief Act - Amends the Internal Revenue Code to increase to $10 million the limit on the expensing of business property that is defined as qualified hurricane recovery property (business property placed in service in 2005 and before January 1, 2007, in a federally-declared hurricane recovery area).
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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