Small Business Direct Expensing Act of 1980

Small Business Direct Expensing Act of 1980 - Amends the Internal Revenue Code to allow a taxpayer to elect to treat expenditures paid or incurred by him during the taxable year (not to exceed an aggregate of $10,000, or $5,000 in the case of a married person filing a separate return) for depreciable tangible property as expenses not chargeable to capital account (thus deductible as current business expenses). Limits such treatment to property purchased after December 31, 1980, for use in a trade or business. Disqualifies property acquired from a related person or another component member of the same controlled group of companies.