Congress 107 - HR 3159 - To amend the Internal Revenue Code of 1986 and the Office of Federal Procurement Policy Act to provide economic benefits to small businesses.

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Topics

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

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Summary

Amends the Internal Revenue Code to increase the allowable deduction for meals and entertainment expenses.

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.

Actions

Oct 31, 2001

Referred to the Subcommittee on Technology and Procurement Policy.
Oct 17, 2001

Referred 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.
Oct 17, 2001

Introduced in House

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