Amends the Internal Revenue Code to: (1) increase the limitation and phase-out threshold for expensing depreciable business assets; (2) allow expensing of computer software; (3) shorten the computer/software depreciation recovery period; (3) increase the depreciation limits for business vehicles and the allowable deduction for business meals; (4) exclude government-guaranteed capital borrowed by Debenture Small Business Investment Companies from debt for purposes of unrelated business taxable income; and (5) repeal the alternative minimum tax on individuals and increase its availability to small corporations by raising the ceiling for the gross receipts test.
Increases small business set-aside opportunities in military construction, Federal agency procurement, and emergency sole source procurement.