To amend the Internal Revenue Code of 1986 to prevent pending tax increases, and for other purposes.

Repeals: (1) provisions in the Economic Growth and Tax Relief Reconciliation Act of 2001 terminating tax reductions made by such Act after December 31, 2010; and (2) the provision in the Jobs and Growth Tax Relief Reconciliation Act of 2003 terminating after 2008 reductions in tax rates on dividends and net capital gain.

Amends the Internal Revenue Code to make permanent: (1) the tax deductions for state and local sales taxes and for tuition and related expenses; and (2) the increased expensing allowance (i.e., $125,000) for depreciable business assets.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4746 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 4746

   To amend the Internal Revenue Code of 1986 to prevent pending tax 
                   increases, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 3, 2010

Mr. Neugebauer 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 prevent pending tax 
                   increases, and for other purposes.

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

SECTION 1. EGTRRA, JGTRRA, AND CERTAIN OTHER TAX RELIEF MADE PERMANENT.

    (a) Economic Growth and Tax Relief Reconciliation Act of 2001.--
Title IX of the Economic Growth and Tax Relief Reconciliation Act of 
2001 is hereby repealed.
    (b) Income Tax Rates on Dividends and Net Capital Gain.--Section 
303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 is 
hereby repealed.
    (c) Deduction for State and Local Sales Taxes.--Paragraph (5) of 
section 164(b) of the Internal Revenue Code of 1986 is amended by 
striking subparagraph (I).
    (d) Deduction for Tuition and Related Expenses.--Section 222 of 
such Code is amended by striking subsection (e).
    (e) Increased Expensing for Small Business.--
            (1) Dollar limitation.--Paragraph (1) of section 179(b) of 
        such Code (relating to dollar limitation) is amended by 
        striking ``$25,000 ($125,000 in the case of taxable years 
        beginning after 2006 and before 2011)'' and inserting 
        ``$125,000''.
            (2) Increase in qualifying investment at which phaseout 
        begins.--Paragraph (2) of section 179(b) of such Code (relating 
        to reduction in limitation) is amended by striking ``$200,000 
        ($500,000 in the case of taxable years beginning after 2006 and 
        before 2011)'' and inserting ``$500,000''.
            (3) Inflation adjustments.--Section 179(b)(5)(A) of such 
        Code (relating to inflation adjustments) is amended by striking 
        ``and before 2011''.
            (4) Revocation of election.--Section 179(c)(2) of such Code 
        (relating to election irrevocable) is amended by striking ``and 
        before 2011''.
            (5) Computer software.--Clause (ii) of section 179(d)(1)(A) 
        of such Code is amended by striking ``and before 2011''.
    (f) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.
                                 <all>