Securing America Investment Act of 2001

Securing America Investment Act of 2001 - Amends the Internal Revenue Code to allow businesses to expense (deduct) the costs of purchasing and installing qualifying security devices.

[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2970 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 2970

   To amend the Internal Revenue Code of 1986 to allow businesses to 
                  expense qualified security devices.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 25, 2001

Mr. Weller (for himself and Mr. Crowley) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to allow businesses to 
                  expense qualified security devices.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Securing America Investment Act of 
2001''.

SEC. 2. BUSINESS DEDUCTION FOR PURCHASE AND INSTALLATION OF SECURITY 
              DEVICES.

    (a) In General.--Part VI of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 (relating to itemized deductions for 
individuals and corporations) is amended by inserting after section 
179A the following new section:

``SEC. 179B. SECURITY DEVICE PURCHASES.

    ``(a) Allowance of Deduction.--A taxpayer may elect to treat the 
cost of any qualifying security device as an expense which is not 
chargeable to capital account. Any cost so treated shall be allowed as 
a deduction for the taxable year in which such device is placed in 
service.
    ``(b) Definitions.--For purposes of this section--
            ``(1) Qualifying security device.--The term `qualifying 
        security device' means a security device (to which section 168 
        applies) which is acquired by purchase (as defined in section 
        179(d)(2)) and which is installed or placed in service in a 
        building which is owned or occupied by the taxpayer and which 
        is located in the United States.
            ``(2) Security device.--The term `security device' means 
        any of the following:
                    ``(A) An electronic access control device or 
                system.
                    ``(B) Biometric identification or verification 
                device or system.
                    ``(C) Closed-circuit television or other 
                surveillance and security cameras and equipment.
                    ``(D) Locks for doors and windows, including 
                tumbler, key, and numerical or other coded devices.
                    ``(E) Computers and software used to combat 
                cyberterrorism.
                    ``(F) Electronic alarm systems to provide detection 
                notification and off-premises transmission of an 
                unauthorized entry, attack, or fire.
                    ``(G) Components, wiring, system displays, 
                terminals, auxiliary power supplies, and other 
                equipment necessary or incidental to the operation of 
                any item described in subparagraph (A), (B), (C), (D) 
                (E), or (F).
            ``(3) Building.--The term `building' includes any structure 
        or part of a structure used for commercial, retail, or business 
        purposes.
    ``(c) Special Rules.--
            ``(1) Basis reduction.--For purposes of this subtitle, if a 
        deduction is allowed under this section with respect to the 
        purchase of a qualifying security device, the basis of such 
        device shall be reduced by the amount of the deduction so 
        allowed.
            ``(2) Certain rules to apply.--Rules similar to the rules 
        of paragraphs (3) and (4) of section 179(b), section 179(c), 
        and paragraphs (3), (4), (8), and (10) of section 179(d), shall 
        apply for purposes of this section.''.
    (b) Conforming and Clerical Amendments.--
            (1) Section 263(a)(1) is amended by striking ``or'' at the 
        end of subparagraph (G), by striking the period at the end of 
        subparagraph (H) and inserting ``, or'', and by inserting after 
        subparagraph (H) the following new subparagraph:
                    ``(I) expenditures for which a deduction is allowed 
                under section 179B.''.
            (2) Section 312(k)(3)(B) is amended by striking ``or 179A'' 
        each place it appears in the heading and text and inserting ``, 
        179A, or 179B''.
            (3) Section 1016(a) is amended by striking ``and'' at the 
        end of paragraph (27), by striking the period at the end of 
        paragraph (28) and inserting ``, and'', and by inserting after 
        paragraph (28) the following new paragraph:
            ``(29) to the extent provided in section 179B(d)(1),''.
            (4) Section 1245(a) is amended by inserting ``179B,'' after 
        ``179A,'' both places it appears in paragraphs (2)(C) and 
        (3)(C).
            (5) The table of sections for part VI of subchapter B of 
        chapter 1 of such Code is amended by inserting after the item 
        relating to section 179A the following new item:

                              ``Sec. 179B. Security device 
                                        purchases.''.
    (c) Effective Date.--The amendments made by this Act shall apply to 
taxable years ending after September 10, 2001.
                                 <all>