H.R.771 - Full Expensing for Economic Growth Act of 2003108th Congress (2003-2004)
|Sponsor:||Rep. Weller, Jerry [R-IL-11] (Introduced 02/13/2003)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 02/13/2003 Referred to the House Committee on Ways and Means. (All Actions)|
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Text: H.R.771 — 108th Congress (2003-2004)All Information (Except Text)
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Introduced in House (02/13/2003)
[Congressional Bills 108th Congress] [From the U.S. Government Printing Office] [H.R. 771 Introduced in House (IH)] 108th CONGRESS 1st Session H. R. 771 To amend the Internal Revenue Code of 1986 to expand bonus depreciation to expensing for 18 months. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES February 13, 2003 Mr. Weller (for himself, Mr. Upton, Mrs. Johnson of Connecticut, Mr. Lewis of Kentucky, Mr. Collins, Mr. Crane, Mr. Brady of Texas, Ms. Dunn, Mr. Foley, Mr. Houghton, Mr. Hayworth, Mr. Hulshof, Mr. McInnis, Mr. Camp, Mr. Herger, Mr. Ramstad, Mr. Goodlatte, Mr. Cox, Mr. Tom Davis of Virginia, Mr. Jones of North Carolina, Mr. Sullivan, Mr. Regula, Mr. Hobson, Mr. Cunningham, Mr. Chabot, Mr. Murphy, Mr. LaHood, Mr. Gerlach, Mr. Barrett of South Carolina, Mr. LaTourette, Mr. Kingston, Mr. Pence, Mr. Gilchrest, Mr. Walsh, Mr. Kennedy of Minnesota, Mr. Tiberi, Mr. Rogers of Michigan, Mr. Simmons, Mr. Kolbe, Mr. Nunes, Mr. Forbes, Mr. Rehberg, Mr. Ehlers, Mr. Keller, Mr. Sessions, Mr. Isakson, Ms. Hart, Mr. Rohrabacher, Mr. Tancredo, Mr. Miller of Florida, Mr. Smith of Michigan, Mr. Brown of South Carolina, Mr. Porter, Mr. Issa, Mr. Pearce, Mr. Bradley of New Hampshire, Mr. Otter, Ms. Ginny Brown-Waite of Florida, Mr. Manzullo, Mr. Calvert, Mr. Gary G. Miller of California, Mr. Tauzin, Mr. Nethercutt, Mr. Souder, Mr. Coble, Mr. Doolittle, Mr. Hayes, Mr. Ballenger, Mr. LoBiondo, Mr. Culberson, Mr. King of Iowa, Mr. Bonilla, Mrs. Capito, Mr. Istook, Ms. Ros-Lehtinen, Mr. Osborne, Mr. Bishop of Utah, Mr. Oxley, Mr. Walden of Oregon, Mrs. Blackburn, Mrs. Jo Ann Davis of Virginia, and Mrs. Biggert) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to expand bonus depreciation to expensing for 18 months. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Full Expensing for Economic Growth Act of 2003''. SEC. 2. FIRST YEAR BONUS DEPRECIATION TEMPORARILY INCREASED TO 100 PERCENT. (a) In General.--Paragraph (1) of section 168(k) of the Internal Revenue Code of 1986 (relating to special allowance for certain property acquired after September 10, 2001, and before September 11, 2004) is amended by adding at the end the following new flush sentence: ``The preceding sentence shall be applied by substituting `100 percent' for `30 percent' with respect to property acquired during the 18-month period beginning on the date of the enactment of this sentence, but only if there was no written binding contract in effect before such date, for the acquisition of such property or, in the case of property manufactured, constructed, or produced for the taxpayer's own use, for the manufacture, construction, or production of such property.''. (b) Effective Date.--The amendment made by this section shall apply to taxable years ending on or after the date of the enactment of this Act. <all>