,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #djh  ,,in ,,the ,,house ,,of   
,,representatives  ,january #bc1 #bjac  
,mr4 ,sessions introduced the following 
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to repeal certain       
limitations on the expensing of section 
#agi property1 to allow taxpayers to    
elect shorter recovery periods for      
purposes of determining the deduction   
for depreciation1 and for other         
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,expensing ,property
 ,expands our ,nation's ,strong ,economy
 ,act of #bjac or as the ,,expense ,act 
of #bjac4  #b4 ,repeal of certain       
limitations on the expensing of section 
#agi property  7a7 ,in general ,section 
#agi of the ,internal ,revenue ,code of 
#aihf is amended by striking subsections
 7b7 and 7e7 and by redesignating       
subsections 7c71 7d71 and 7f7 as        
subsections 7b71 7c71 and 7d71          

respectively4  7b7 ,conforming          
amendments  7#a7 ,subsection 7c7 of     
section #agi of such ,code1 as          
redesignated by subsection 7a71 is      
amended by striking paragraphs 7#f7 and 
7#h71 and by redesignating paragraphs   
7#g71 7#i71 and 7#aj7 as paragraphs     
7#f71 7#g71 and 7#h71 respectively4     
7#b7 ,paragraph 7#f7 of section #agi7;c7
 of such ,code1 as redesignated by      
paragraph 7#a7 and subsection 7a71 is   
amended by striking paragraphs 7#b7 and 
7#f7 and inserting paragraph 7#b74  7#c7
 ,subsection 7d7 of section #agi of such
 ,code1 as redesignated by subsection   
7a71 is amended--  7,a7 by striking in  
#bjaj1 #bjaa1 #bjab1 or #bjac in        
paragraph 7#a71 and  7,b7 by striking   
paragraphs 7#c7 and 7#d74  7#d7         
,sections #db7;d77#b77;,b77i71          
#acig;,d7d77#a71 #adjj;,b7b77#d77;,a77i7
 and #adjj;,f7b77#d77;,a77i7 of such    
,code are each amended by striking      
section #agi7;d77#b7 and inserting      
section #agi7;c77#b74  7#e7 ,subclause  

7,i7 of section #db7;d77#b77;,d77iii7 of
 such ,code is amended--  7,a7 by       
striking section #agi7;d7 and inserting 
section #agi7;c71 and  7,b7 by striking 
section #agi7;d77#g7 and inserting      
section #agi7;c77#f74  7#f7 7,a7        
,subpart ,b of part ,,iii of subchapter 
,u of chapter #a of such ,code is hereby
 repealed4  7,b7 ,the table of subparts 
for such part ,,iii is amended by       
striking the item relating to subpart   
,b4  7#g7 7,a7 ,part ,,iii of subchapter
 ,x of chapter #a of such ,code is      
amended by striking section #adjj;,j4   
7,b7 ,the table of sections for such    
part is amended by striking the item    
relating to section #adjj;,j4  7,c7     
,paragraph 7#c7 of section #adjj;,e7b7  
of such ,code is amended by striking    
sections #adjj;,f and #adjj;,j and      
inserting section #adjj;,f4  7#h7       
,clause 7iv7 of section                 
#adjj,l7b77#b77;,a7 of such ,code is    
amended by striking section #agi7;d7 and
 inserting section #agi7;c74  7#i7      

,section #adjj,l of such ,code is       
amended by striking subsection 7f74  7c7
 ,effective date ,the amendments made by
 this section shall apply to property   
placed in service during taxable years  
ending on or after the date of the      
enactment of this ,act4  #c4 ,election  
of shorter recovery period for purpose  
of determining depreciation deduction   
7a7 ,in general ,section #afh of the    
,internal ,revenue ,code of #aihf is    
amended by adding at the end the        
following new subsection3  7o7 ,election
 of shorter recovery period  7#a7 ,in   
general ,notwithstanding subsections    
7c71 7e71 7g71 and 7j71 for purposes of 
subsection 7a71 the applicable recovery 
period for any property placed in       
service during a taxable year ending on 
or after the date of the enactment of   
this subsection shall not exceed any    
period of two or more years elected by  
the taxpayer with respect to such       
property4  7#b7 ,election ,an election  
made under this subsection shall be made

 at such time and in such form and      
manner as the ,secretary may require4   
,an election under this subsection1 once
 made1 shall apply to the taxable year  
for which made and all subsequent       
taxable years unless revoked with the   
consent of the ,secretary4  7#c7        
,transition rule ,in the case of any    
property placed in service during a     
taxable year ending before the date of  
the enactment of this subsection1       
paragraph 7#a7 shall apply with respect 
to the adjusted basis of such property  
in the same manner as if such property  
7with such adjusted basis7 were placed  
in service on the first day of the      
taxable year which includes the date of 
the enactment of this subsection4 ,the  
application of this paragraph shall not 
be treated as a change in method of     
accounting for purposes of section #dha4
  4  7b7 ,effective date ,the amendment 
made by this section shall apply to     
property placed in service before1 on1  
or after the date of the enactment of   

this ,act4