Small Business Technology Improvement Act of 2008

Small Business Technology Improvement Act of 2008 - Amends the Internal Revenue Code to allow accelerated depreciation of computer or peripheral equipment placed in service by a small business with annual gross receipts not in excess of $7 million.

[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 6718 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6718

   To amend the Internal Revenue Code of 1986 to provide accelerated 
    depreciation for computer equipment placed in service by small 
                              businesses.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 31, 2008

   Ms. Bean 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 provide accelerated 
    depreciation for computer equipment placed in service by small 
                              businesses.

    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 ``Small Business Technology 
Improvement Act of 2008''.

SEC. 2. ACCELERATED DEPRECIATION FOR COMPUTER EQUIPMENT PLACED IN 
              SERVICE BY SMALL BUSINESSES.

    (a) In General.--Subparagraph (A) of section 168(e)(3) of the 
Internal Revenue Code of 1986 (relating to 3-year property) is amended 
by striking ``and'' at the end of clause (ii), by striking the period 
at the end of clause (iii) and inserting ``, and'', and by adding at 
the end the following new clause:
                            ``(iv) any computer or peripheral equipment 
                        (as defined in subsection (i)(2)(B)) which is 
                        placed in service by a qualified small business 
                        during the taxable year.''.
    (b) Qualified Small Business.--Subsection (i) of section 168 of 
such Code is amended by adding at the end the following new paragraph:
            ``(18) Qualified small business.--The term `qualified small 
        business' means any taxpayer which has gross receipts for the 
        taxable year not in excess of $7,000,000. All persons treated 
        as a single employer under subsection (a) or (b) of section 52 
        or subsection (m) or (o) of section 414 shall be treated as one 
        person for purposes of the preceding sentence.''.
    (c) Conforming Amendment.--Clause (iv) of section 168(e)(3)(B) of 
such Code is amended by inserting ``(other than property described in 
subparagraph (A)(iv))'' after ``any qualified technological 
equipment''.
    (d) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act, in taxable years ending after such date.
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