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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5085 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5085

To amend the Internal Revenue Code of 1986 to eliminate for 5 years the 
      limitation on expensing certain depreciable business assets.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             April 20, 2010

  Mr. Owens 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 eliminate for 5 years the 
      limitation on expensing certain depreciable business assets.

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

SECTION 1. FIVE-YEAR ELIMINATION OF LIMITATION ON EXPENSING CERTAIN 
              DEPRECIABLE BUSINESS ASSETS.

    (a) In General.--Paragraph (7) of section 179(b) of the Internal 
Revenue Code of 1986 is amended to read as follows:
            ``(7) Five-year repeal on limitations.--
                    ``(A) In general.--Subject to subparagraph (B), in 
                the case of any taxable year beginning after December 
                31, 2009, and before January 1, 2015, this section 
                shall be applied without regard to paragraphs (1) and 
                (2).
                    ``(B) Hiring requirement.--For purposes of this 
                paragraph--
                            ``(i) In general.--In any case in which the 
                        deduction which would (but for this 
                        subparagraph) be allowed for the taxable year 
                        exceeds $250,000, such excess shall be allowed 
                        as a deduction only to the extent the taxpayer 
                        hires for such taxable year at least 1 
                        qualified full-time employee for each $100,000 
                        of such excess.
                            ``(ii) Qualified full-time employee.--For 
                        purposes of this section, the term `qualified 
                        full-time employee' means an employee who--
                                    ``(I) during the taxable year is 
                                employed by the employer on average at 
                                least 30 hours per week,
                                    ``(II) has not been employed for 
                                more than 40 hours during the 60-day 
                                period ending on the date such 
                                individual begins such employment,
                                    ``(III) is not employed by the 
                                employer to replace another employee of 
                                such employer unless such other 
                                employee separated from employment 
                                voluntarily or for cause, and
                                    ``(IV) is not an individual 
                                described in section 51(i)(1).''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2009.
                                 <all>
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