S. 304 · 111th Congress

Main Street Recovery Act

Stage
In committee
Introduced
2009-01-22
Latest action
2009-01-22 · Introduced in Senate

Summary

Main Street Recovery Act - Provides for a 15% investment tax credit through June 30, 2010, for the purchase of business equipment and machinery.

Amends the Internal Revenue Code to: (1) extend through June 30, 2010, the additional 50% depreciation allowance (bonus depreciation) for business and investment property; (2) allow such depreciation for nonresidential real property or residential rental property; and (3) extend through 2010 the increased expensing allowance for depreciable business assets and expand the types of depreciable property eligible for expensing.