Bill Type
Congress Name
Long Title
AN ACT GRANTING ACCELERATED DEPRECIATION DEDUCTION FOR INCOME TAX PURPOSES, AMENDING FOR THE PURPOSE SECTION 34(F) OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED
Date filed
July 7, 1998
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. HB00786 |
| FULL TITLE : AN ACT GRANTING ACCELERATED DEPRECIATION DEDUCTION FOR INCOME TAX PURPOSES, AMENDING FOR THE PURPOSE SECTION 34(F) OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED |
| ABSTRACT : Provides for ACCELERATED DEPRECIATION for plant, machinery and equipment with the following features: (1) that these are reasonably needed and actually used for production and transport of good and services; (2) the privilege is available only if the asset is depreciated under the straight-line method; and (3) the depreciation is available to all corporate or individual taxpayers as a matter of right. |
| PRINCIPAL AUTHOR/S : TEVES, HERMINIO G. |
| DATE FILED : 1998-07-07 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS : |
| 1. |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 1998-07-29 |
Abstract
Provides for ACCELERATED DEPRECIATION for plant, machinery and equipment with the following features: (1) that these are reasonably needed and actually used for production and transport of good and services; (2) the privilege is available only if the asset is depreciated under the straight-line method; and (3) the depreciation is available to all corporate or individual taxpayers as a matter of right.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.