H.R.2485 - High Productivity Investment Act of 2001107th Congress (2001-2002)
|Sponsor:||Rep. English, Phil [R-PA-21] (Introduced 07/12/2001)|
|Committees:||House - Ways and Means|
|Latest Action:||07/12/2001 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.2485 — 107th Congress (2001-2002)All Information (Except Text)
High Productivity Investment Act of 2001 - Amends the Internal Revenue Code to establish two new depreciation provisions: (1) the rapid cost recovery system under which the cost of specified property may be depreciated more quickly than under current depreciation methods; and (2) the high productivity investment deduction under which the cost of specified property may be expensed.
Introduced in House (07/12/2001)
Modifies the alternative minimum tax.
Directs the Secretary of the Treasury to establish a table showing classes of property and the modified class life of each class of property. Provides a schedule on which the Secretary's initial table shall be based.