http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/history/110_HR_1797.html?rev=6772 <p>H.R. 1797 would amend the Internal Revenue Code of 1986 to expand expensing for small business.</p> <h2 id="toc0"> Detailed Summary </h2> <p>Small Business Expensing Expansion and Permanency Act of 2007 - Amends the Internal Revenue Code to: (1) increase the expensing allowance (i.e., a tax deduction in the current taxable year) for small business assets to $200,000 and make such allowance permanent; (2) increase the threshold for phaseout of such allowance to $800,000 (cost basis of property placed in service); (3) allow an inflation adjustment to the expensing and threshold amounts beginning after 2007; (4) make permanent the right of a taxpayer to revoke an election to expense; and (5) make permanent the inclusion of certain computer software as property eligible for expensing.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc1"> Status of the Legislation </h2> <p>Latest Major Action: 3/29/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc2"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 6772@http://www.washingtonwatch.com Thu, 02 Aug 2007 01:41:00 EDT http://www.washingtonwatch.com/bills/history/110_HR_1797.html?rev=6773 <p>H.R. 1797 would amend the Internal Revenue Code of 1986 to expand expensing for small business.</p> <h2 id="toc4"> Detailed Summary </h2> <p>Small Business Expensing Expansion and Permanency Act of 2007 - Amends the Internal Revenue Code to: (1) increase the expensing allowance (i.e., a tax deduction in the current taxable year) for small business assets to $200,000 and make such allowance permanent; (2) increase the threshold for phaseout of such allowance to $800,000 (cost basis of property placed in service); (3) allow an inflation adjustment to the expensing and threshold amounts beginning after 2007; (4) make permanent the right of a taxpayer to revoke an election to expense; and (5) make permanent the inclusion of certain computer software as property eligible for expensing.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc5"> Status of the Legislation </h2> <p>Latest Major Action: 3/29/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc6"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 6773@http://www.washingtonwatch.com Thu, 02 Aug 2007 01:41:00 EDT