Bill Type
Congress Name
Long Title
AN ACT GRANTING ACCELERATED DEPRECIATION DEDUCTION FOR INCOME TAX PURPOSES, AMENDING FOR THE PURPOSE SECTION 34 (F) FO THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED
Date filed
July 2, 2001
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 286, 12th Congress of the Republic | |
| FULL TITLE : AN ACT GRANTING ACCELERATED DEPRECIATION DEDUCTION FOR INCOME TAX PURPOSES, AMENDING FOR THE PURPOSE SECTION 34 (F) FO THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED | |
| ABSTRACT : PLANT, MACHINERY AND EQUIPMENT THAT ARE REASONABLY NEEDED AND ACTUALLY USED FOR THE PRODUCTION AND TRANSPORT OF GOODS AND SERVICES MAY BE DEPRECIATED USING A DEPRECIATION RATE TWICE AS FAST AS THE NORMAL RATE: PROVIDED, HOWEVER, THAT THIS METHOD ISAVAILABLE ONLY TO PLANT, MACHINERY AND EQUIPMENT DEPRECIATED UNDER THE STRAIGHT LINE METHOD; AND PROVIDED, FURTHER, THAT THE TAXPAYER NOTIFIES IN WRITING THE COMMISSIONER OF INTERNAL REVENUE AT THE BEGINNING OF THE DEPRECIATION PERIOD AS TO WHAT DEPRECIATION RATE ALLOWD THEREUNDER SHALL BE USED BY IT. | |
| PRINCIPAL AUTHOR/S : TEVES, HERMINIO G. | |
| DATE FILED : 2001-07-02 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Badelles (010 ) | 2. Syjuco (041 ) |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2001-07-24 |
Abstract
PLANT, MACHINERY AND EQUIPMENT THAT ARE REASONABLY NEEDED AND ACTUALLY USED FOR THE PRODUCTION AND TRANSPORT OF GOODS AND SERVICES MAY BE DEPRECIATED USING A DEPRECIATION RATE TWICE AS FAST AS THE NORMAL RATE: PROVIDED, HOWEVER, THAT THIS METHOD ISAVAILABLE ONLY TO PLANT, MACHINERY AND EQUIPMENT DEPRECIATED UNDER THE STRAIGHT LINE METHOD; AND PROVIDED, FURTHER, THAT THE TAXPAYER NOTIFIES IN WRITING THE COMMISSIONER OF INTERNAL REVENUE AT THE BEGINNING OF THE DEPRECIATION PERIOD AS TO WHAT DEPRECIATION RATE ALLOWD THEREUNDER SHALL BE USED BY IT.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.