To permit a special amortization deduction for intangible assets acquired from eligible small businesses to take account of the actual economic useful life of such assets and to encourage growth in industries for which intangible assets are an important source of revenue.
Latest action · Mar 12, 2003 Referred to the House Committee on Ways and Means.
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.
- IntroducedMar 12, 2003
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Amends the Internal Revenue Code to allow a special amortization tax deduction for up to $5 million of the intangible property acquired from an eligible small business (i.e., a business with gross receipts not exceeding $5 million for the three preceding taxable years) after December 31, 2002.
Cosponsors 17
Members who signed on, in the order they did. Signatures ran from Mar 12, 2003 to May 18, 2004, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-TX | Max Sandlin | Original | Mar 12, 2003 |
| R-VA | Eric Cantor | Apr 8, 2003 | |
| R-TN | John J. Duncan, Jr. | Apr 8, 2003 | |
| R-TX | Henry Bonilla | Apr 10, 2003 | |
| R-NE | Lee Terry | Apr 10, 2003 | |
| R-MS | Charles W. "Chip" Pickering | Apr 29, 2003 | |
| R-OH | Patrick J. Tiberi | Apr 29, 2003 | |
| R-PA | Todd Russell Platts | Apr 29, 2003 | |
| R-FL | Ric Keller | May 1, 2003 | |
| D-NJ | Robert E. Andrews | May 1, 2003 | |
| R-GA | Jack Kingston | May 7, 2003 | |
| R-FL | Jeff Miller | May 7, 2003 | |
| D-AR | Mike Ross | May 13, 2003 | |
| D-NJ | Rush Holt | May 15, 2003 | |
| R-FL | Ander Crenshaw | Mar 30, 2004 |
Actions 2
Everything that happened, newest first.
- Mar 12, 2003Introduced in House
- Mar 12, 2003Referred to the House Committee on Ways and Means.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1371 | A bill to permit a special amortization deduction for intangible assets acquired from eligible small businesses to take account of the actual economic useful life of such assets and to encourage growth in industries for which intangible assets are an impo | Identical bill | Jul 8, 2003 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
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.