Bill
Bill > S2240
US S2240
US S2240A bill to 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, rather than depreciating them over time. It also allows corporations to elect to accelerate the use of certain tax credits related to the alternative minimum tax (AMT) instead of claiming bonus depreciation, which can be beneficial for companies with significant AMT credits. The AMT is a parallel tax system designed to ensure that taxpayers with substantial deductions and credits still pay a minimum amount of tax. This bill aims to provide businesses with additional tax relief and flexibility.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Read twice and referred to the Committee on Finance. (on 03/27/2012)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/112th-congress/senate-bill/2240/all-info |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-112s2240is/pdf/BILLS-112s2240is.pdf.pdf |
Loading...