This report examines the current status, legislative history, and economic effects of the two expensing allowances (Section 179 and Bonus Depreciation Allowance) and also discusses initiatives in the 112th Congress to modify them. Expensing is the most accelerated form of depreciation for tax purposes. Section 179 of the Internal Revenue Code (IRC) allows a taxpayer to expense up to $125,000 of the total cost of new and used qualified depreciable assets it buys and places in service in 2012, within certain limits. In addition, Section 168(k) generally allows taxpayers to expense half the cost of qualified assets bought and placed in service in 2012.

This report discusses immigration-related issues that have received legislative action or are of significant congressional interest in the 112th Congress.

Report providing a brief overview of the climate change, power plant, and air quality standard issues, as well as information on other Clean Air Act issues that the 112th Congress has addressed.

The economic rationale for interventions in energy markets helps inform the debate surrounding energy tax policy. This report begins by providing background on the economic rationale for energy market interventions, highlighting various market failures. After identifying possible market failures in the production and consumption of energy, possible interventions are discussed. The report concludes with an analysis of energy tax policy as it stands at the start of the 112th Congress.

This report describes and analyzes measures that Members of the 112th Congress have enacted or proposed in response to particular issues pertaining to small business contracting and subcontracting.

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This report examines a key element of current federal support for manufacturing: tax benefits.

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