Summary: H.R.2981 — 107th Congress (2001-2002)All Information (Except Text)

There is one summary for H.R.2981. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (10/02/2001)

Amends the Internal Revenue Code to establish a two year recovery period for depreciation of computers and other technological equipment. Reduces the recovery period from five to two years under the alternative depreciation system for certain property ( tax-exempt use property, etc.). Reduces the useful life for depreciation of computer software from 36 to 24 months.

Establishes a seven year useful life for depreciation of certain auction-acquired telecommunications licences.