To amend the Internal Revenue Code of 1986 to increase the amount that small businesses may expense under section 179 to $75,000.

January 7, 2003

Mr. WILSON of South Carolina introduced the following bill; which was referred to the Committee on Ways and Means

To amend the Internal Revenue Code of 1986 to increase the amount that small businesses may expense under section 179 to $75,000.

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 `Small Business Expensing Act of 2003'.

SEC. 2. INCREASE IN EXPENSING UNDER SECTION 179.

(a) IN GENERAL- Paragraph (1) of section 179(b) of the Internal Revenue Code of 1986 (relating to election to expense certain depreciable business assets) is amended to read as follows:

`(1) DOLLAR LIMITATION- The aggregate cost which may be taken into account under subsection (a) for any taxable year shall not exceed $75,000.'

(b) EFFECTIVE DATE- The amendment made by subsection (a) shall apply to taxable years ending after the date of the enactment of this Act.

END