Permanent Investment in American Workers and Workplace Act of 2002

Permanent Investment in American Workers and Workplace Act of 2002 - Amends the Internal Revenue Code as it relates to a special allowance for certain property acquired after September 10, 2001. Strikes the deadline of September 11, 2004 for acquiring such property, thereby permanently extending the bonus depreciation available under the Job Creation and Worker Assistance Act of 2002.

[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4020 Introduced in House (IH)]







107th CONGRESS
  2d Session
                                H. R. 4020

 To amend the Internal Revenue Code of 1986 to permanently extend the 
    bonus depreciation available under the Job Creation and Worker 
                        Assistance Act of 2002.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 20, 2002

    Mr. Weller (for himself, Mr. Upton, Mr. Rogers of Michigan, Mr. 
  Gibbons, Mr. Gekas, and Mr. Sensenbrenner) 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 permanently extend the 
    bonus depreciation available under the Job Creation and Worker 
                        Assistance Act of 2002.

    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 ``Permanent Investment in American 
Workers and Workplace Act of 2002''.

SEC. 2. PERMANENT EXTENSION OF BONUS DEPRECIATION ADDED BY JOB CREATION 
              AND WORKER ASSISTANCE ACT OF 2002.

    (a) In General.--Subsection (k) of section 168 of the Internal 
Revenue Code of 1986 (relating to special allowance for certain 
property acquired after September 10, 2001, and before September 11, 
2004) is amended by striking ``, and before September 11, 2004'' each 
place it appears.
    (b) Technical Amendments.--
            (1) Subparagraph (A) of section 168(k)(2) of such Code is 
        amended by adding ``and'' at the end of clause (ii), by 
        striking ``, and'' at the end of clause (iii) and inserting a 
        period, and by striking clause (iv).
            (2) Subparagraph (B) of section 168(k)(2) of such Code is 
        amended by striking clause (ii) and by redesignating clause 
        (iii) as clause (ii).
            (3) The subsection heading for section 168(k) of such Code 
        is amended by striking ``, and Before September 11, 2004''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after September 10, 2001, in 
taxable years ending after such date.
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