H.R.4995 - Middle Class Jobs Protection Act of 2008

To amend the Internal Revenue Code of 1986 to reduce corporate marginal income tax rates, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to reduce corporate marginal income tax rates, and for other purposes. as introduced.
  • Short: Middle Class Jobs Protection Act of 2008 as introduced.

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Introduced
 
House
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Senate
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President
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01/16/08
 
 
 
 
 
 
 

Official Summary

Middle Class Jobs Protection Act of 2008 - Amends the Internal Revenue Code to: (1) reduce the maximum corporate income tax rate to 25%; (2) increase the expensing allowance for depreciable business assets to $250,000 in 2008 and 2009; (3) increase to 50% the current year bonus depreciation

Official Summary

Middle Class Jobs Protection Act of 2008 - Amends the Internal Revenue Code to:
(1) reduce the maximum corporate income tax rate to 25%;
(2) increase the expensing allowance for depreciable business assets to $250,000 in 2008 and 2009;
(3) increase to 50% the current year bonus depreciation allowance for certain property placed in service in 2008 and 2009; and
(4) allow additional carrybacks for certain net operating losses and for excess business and foreign tax credit amounts arising in 2008 and 2009.

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