Full Expensing for Economic Growth Act of 2003

Full Expensing for Economic Growth Act of 2003 - Amends the Internal Revenue Code with respect to the special first-year allowance for certain property acquired after September 10, 2001 and before September 11, 2004, to increase such allowance to 100 percent for 18 months from the date of enactment of this Act, if there was no written binding contract in effect before such date, for: (1) the acquisition of such property; or (2) in the case of property manufactured, constructed, or produced for the taxpayer's own use, for the manufacture, construction, or production of such property.

[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 771 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 771

To amend the Internal Revenue Code of 1986 to expand bonus depreciation 
                      to expensing for 18 months.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 13, 2003

 Mr. Weller (for himself, Mr. Upton, Mrs. Johnson of Connecticut, Mr. 
  Lewis of Kentucky, Mr. Collins, Mr. Crane, Mr. Brady of Texas, Ms. 
Dunn, Mr. Foley, Mr. Houghton, Mr. Hayworth, Mr. Hulshof, Mr. McInnis, 
  Mr. Camp, Mr. Herger, Mr. Ramstad, Mr. Goodlatte, Mr. Cox, Mr. Tom 
   Davis of Virginia, Mr. Jones of North Carolina, Mr. Sullivan, Mr. 
Regula, Mr. Hobson, Mr. Cunningham, Mr. Chabot, Mr. Murphy, Mr. LaHood, 
    Mr. Gerlach, Mr. Barrett of South Carolina, Mr. LaTourette, Mr. 
     Kingston, Mr. Pence, Mr. Gilchrest, Mr. Walsh, Mr. Kennedy of 
Minnesota, Mr. Tiberi, Mr. Rogers of Michigan, Mr. Simmons, Mr. Kolbe, 
    Mr. Nunes, Mr. Forbes, Mr. Rehberg, Mr. Ehlers, Mr. Keller, Mr. 
  Sessions, Mr. Isakson, Ms. Hart, Mr. Rohrabacher, Mr. Tancredo, Mr. 
Miller of Florida, Mr. Smith of Michigan, Mr. Brown of South Carolina, 
  Mr. Porter, Mr. Issa, Mr. Pearce, Mr. Bradley of New Hampshire, Mr. 
Otter, Ms. Ginny Brown-Waite of Florida, Mr. Manzullo, Mr. Calvert, Mr. 
 Gary G. Miller of California, Mr. Tauzin, Mr. Nethercutt, Mr. Souder, 
 Mr. Coble, Mr. Doolittle, Mr. Hayes, Mr. Ballenger, Mr. LoBiondo, Mr. 
Culberson, Mr. King of Iowa, Mr. Bonilla, Mrs. Capito, Mr. Istook, Ms. 
Ros-Lehtinen, Mr. Osborne, Mr. Bishop of Utah, Mr. Oxley, Mr. Walden of 
    Oregon, Mrs. Blackburn, Mrs. Jo Ann Davis of Virginia, and Mrs. 
   Biggert) 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 expand bonus depreciation 
                      to expensing for 18 months.

    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 ``Full Expensing for Economic Growth 
Act of 2003''.

SEC. 2. FIRST YEAR BONUS DEPRECIATION TEMPORARILY INCREASED TO 100 
              PERCENT.

    (a) In General.--Paragraph (1) of section 168(k) 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 adding at the end the following new flush sentence:
        ``The preceding sentence shall be applied by substituting `100 
        percent' for `30 percent' with respect to property acquired 
        during the 18-month period beginning on the date of the 
        enactment of this sentence, but only if there was no written 
        binding contract in effect before such date, for the 
        acquisition of such property or, in the case of property 
        manufactured, constructed, or produced for the taxpayer's own 
        use, for the manufacture, construction, or production of such 
        property.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years ending on or after the date of the enactment of this 
Act.
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