H.R.2981 - To amend the Internal Revenue Code of 1986 to establish a 2-year recovery period for depreciation of computers and other technological equipment, a 24-month useful life for depreciation of computer software, and a 7-year useful life for depreciation of certain auction-acquired telecommunications licenses.107th Congress (2001-2002)
|Sponsor:||Rep. Upton, Fred [R-MI-6] (Introduced 10/02/2001)|
|Committees:||House - Ways and Means|
|Latest Action:||10/02/2001 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.2981 — 107th Congress (2001-2002)All Information (Except Text)
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.
Introduced in House (10/02/2001)
Establishes a seven year useful life for depreciation of certain auction-acquired telecommunications licences.