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Bill > HR4196
US HR4196
US HR4196To amend the Internal Revenue Code of 1986 to extend the allowance for bonus depreciation for certain business assets.
summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
112th Congress
Bill Summary
Amends the Internal Revenue Code to: (1) extend for one year the 100% bonus depreciation allowance for business assets, and (2) increase the amount of alternative minimum tax (AMT) credits that corporate taxpayers may elect to accelerate in a taxable year in lieu of claiming bonus depreciation.
AI Summary
This bill extends the 100% bonus depreciation allowance for certain business assets by one year, meaning businesses can deduct the full cost of eligible new or used assets in the year they are placed in service. Bonus depreciation is a tax incentive that encourages businesses to invest in new equipment and other qualifying assets. The bill also allows corporations to elect to accelerate the use of certain tax credits, known as Alternative Minimum Tax (AMT) credits, instead of claiming bonus depreciation. AMT credits are typically generated when a business pays more tax than it would have under the regular tax system due to certain tax preferences. This election allows corporations to potentially use these credits sooner, which can provide immediate tax relief, especially if they are unable to fully utilize bonus depreciation.
Committee Categories
Budget and Finance
Sponsors (51)
Joe Baca (D),
Xavier Becerra (D),
Rick Berg (R),
Shelley Berkley (D),
Diane Black (R),
Earl Blumenauer (D),
Charles Boustany (R),
Kevin Brady (R),
Lacy Clay (D),
Joseph Crowley (WFP),
Danny Davis (D),
Cory Gardner (R),
Phil Gingrey (R),
Sam Graves (R),
Gene Green (D),
Wally Herger (R),
Brian Higgins (D),
Lynn Jenkins (R),
John Kline (R),
John Larson (D),
Tom Latham (R),
Sander Levin (D),
John Lewis (D),
Billy Long (R),
Blaine Luetkemeyer (R),
Ben Ray Luján (D),
Kenny Marchant (R),
Jim McDermott (D),
Patrick McHenry (R),
Cathy McMorris Rodgers (R),
Michael Michaud (D),
Candice Miller (R),
Richard Neal (D),
Devin Nunes (R),
Pete Olson (R),
Bill Pascrell (D),
Erik Paulsen (R),
Gary Peters (D),
Tom Price (R),
Charles Rangel (D),
Tom Reed (R),
David Reichert (R),
Silvestre Reyes (D),
Peter Roskam (R),
Tim Ryan (D),
Loretta Sanchez (D),
Linda Sánchez (D),
Aaron Schock (R),
John Sullivan (R),
Mike Thompson (D),
Patrick Tiberi (R),
Last Action
Referred to the House Committee on Ways and Means. (on 03/13/2012)
Official Document
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/112th-congress/house-bill/4196/all-info |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-112hr4196ih/pdf/BILLS-112hr4196ih.pdf.pdf |
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