To amend the Internal Revenue Code of 1986 to reduce individual income taxes by creating a new 5 percent rate of tax and to increase section 179 expensing for small businesses.
Family Security and Small Business Stimulus Act of 2008 - Amends the Internal Revenue Code to: (1) allow a reduced 5% income tax rate on taxable income for low-income taxpayers; (2) allow an advance refund in 2008 for the reduction in the tax rate; and (3) increase to $375,000 between 2008 and 2010 the expensing allowance for small business depreciable assets.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E73)
Referred to the House Committee on Ways and Means.
Referred to the Subcommittee on Income Security and Family Support.
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