Bill > HR5974

This bill, the Invest in America Now Act of 2012, aims to stimulate the economy by amending the Internal Revenue Code. Key provisions include extending the 100% bonus depreciation allowance for business assets through 2012, which allows businesses to deduct the full cost of eligible new or used assets in the year they are placed in service, thereby reducing their taxable income. It also enhances the ability of corporate taxpayers to accelerate Alternative Minimum Tax (AMT) credits, which are tax credits for taxes paid in prior years that can be used to reduce current tax liability, as an alternative to claiming bonus depreciation. Finally, the bill denies major integrated oil companies, which are large, vertically integrated energy companies involved in multiple stages of oil and gas production and distribution, a tax deduction for income derived from the domestic production, transportation, or distribution of oil, natural gas, and their primary products.