To amend the Internal Revenue Code of 1986 and the Office of Federal Procurement Policy Act to provide economic benefits to small businesses.
Latest action · Oct 31, 2001 Referred to the Subcommittee on Technology and Procurement Policy.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedOct 17, 2001
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Increases the limit on expensing certain depreciable business assets. Increases the amount of property which triggers the phaseout of the maximum deductibility.
Reduces the depreciation recovery period for qualified technological equipment from five to two years.
Amends the Office of Federal Procurement Policy Act to increase the micro-purchase threshold for purchases from small businesses.
Excludes contracts funded under the 2001 Emergency Supplemental Appropriations Act for Recovery from and Response to Terrorist Attacks on the United States from certain award price limitations restricting their award to disadvantaged or HubZone small business concerns.
Cosponsors
Members who signed on, in the order they did.
Actions 3
Everything that happened, newest first.
- Oct 31, 2001Referred to the Subcommittee on Technology and Procurement Policy.
- Oct 17, 2001Introduced in House
- Oct 17, 2001Referred to the Committee on Ways and Means, and in addition to the Committees on Government Reform, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Agriculture and Food
- Business income tax
- Commerce
- Computers
- Costs
- Depreciation and amortization
- Equipment and supplies
- Expense accounts
- Government Operations and Politics
- Government procurement
- Health
- High technology
- Income tax
- Medical supplies
- Recreation
- Science, Technology, Communications
- Small business
- Sports and Recreation
- Tax deductions
- Taxation
- Telephone
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.