S.2592 - Economic Growth Act of 2008

A bill to amend the Internal Revenue Code of 1986 to provide for permanent tax incentives for economic growth. view all titles (2)

All Bill Titles

  • Official: A bill to amend the Internal Revenue Code of 1986 to provide for permanent tax incentives for economic growth. as introduced.
  • Short: Economic Growth Act of 2008 as introduced.

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02/05/08
 
 
 
 
 
 
 

Official Summary

Economic Growth Act of 2008 - Amends the Internal Revenue Code to: (1) repeal the dollar and other limitations on the expensing allowance of depreciable business assets; (2) reduce to 25% the maximum corporate income tax rate; (3) provide for an inflation adjustment to the basis of certain

Official Summary

Economic Growth Act of 2008 - Amends the Internal Revenue Code to:
(1) repeal the dollar and other limitations on the expensing allowance of depreciable business assets;
(2) reduce to 25% the maximum corporate income tax rate;
(3) provide for an inflation adjustment to the basis of certain capital assets for purposes of determining gain or loss; and
(4) reduce from 35 to 15% the alternative capital gains tax rate for corporations.

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