Temporary Corporate Tax Cuts
Date:
February 13, 2008
Policy Area:
Fiscal Policy
Economic Target:
Other Business
Action Type:
Tax Break
Maximum Amount:
$51.00 billion
Amount Spent:
$51.00 billion
Deficit Impact:
$7.50 billion This law (H.R. 5140) included two provisions aimed at providing temporary tax breaks for businesses. The first provision allowed businesses to deduct 50 percent of their investments in certain depreciable property (e.g. equipment and computer software) from 2008 taxable income. The second provision increased the expensing allowance for depreciable business assets up to $250,000 and increased the maximum phase-out threshold for the allowance to $800,000.
Source:
