IDX Products Tax Deductible?
David,
Thanks for the answers......I know those responses take time....almost as much time as it took to get this for you!
Check this out....This is big....Who's campaign should we send a check to? <g>
Wendell for me.
HR 5616 IH
106th CONGRESS
2d Session
H. R. 5616
To amend the Internal Revenue Code of 1986 to allow a deduction to taxpayers who purchase and install qualified security devices.
IN THE HOUSE OF REPRESENTATIVES
November 1, 2000
Mr. CROWLEY introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to allow a deduction to taxpayers who purchase and install qualified security devices.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. DEDUCTION FOR PURCHASE AND INSTALLATION OF SECURITY DEVICES.
(a) IN GENERAL- Part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 (relating to itemized deductions for individuals and corporations) is amended by adding at the end the following new section:
`SEC. 199. SECURITY DEVICE PURCHASES.
`(a) ALLOWANCE OF DEDUCTION- There shall be allowed as a deduction for the taxable year an amount equal to 100 percent of the amount paid by the taxpayer for the purchase of a qualifying security device.
`(b) MAXIMUM DEDUCTION- The deduction allowed by subsection (a) for the taxable year shall not exceed $5,000.
`(c) DEFINITIONS-
`(1) QUALIFYING SECURITY DEVICE- The term `qualifying security device' means a security device that is installed or placed in service in a building or residence all or a portion of which is owned or occupied by the taxpayer in the United States.
`(2) SECURITY DEVICE- The term `security device' means any of the following:
`(A) An electronic access control device or other similar alarms or devices.
`(B) Closed-circuit television or other surveillance and security cameras and equipment.
`(C) Biometric controls, including automated fingerprint identification systems.
`(D) Locks for doors and windows, including tumbler, key, and numerical or other coded devices.
`(E) Components, wiring, system displays, terminals, auxiliary power supplies and other equipment necessary or incidental to the operation of any item described in subparagraph (A), (B), (C), or (D).
`(3) BUILDING- The term `building' includes any structure or part of a structure used for commercial, retail, or business purposes.
`(4) RESIDENCE- The term `residence' means any home, condominium, cooperative unit, boat, or trailer used as a dwelling by the taxpayer.
`(d) BASIS REDUCTION- For purposes of this subtitle, if a deduction is allowed under this section with respect to the purchase of a qualifying security device, the basis of such device shall be reduced by the amount of the deduction so allowed.'.
(b) CONFORMING AND CLERICAL AMENDMENTS-
(1) Section 1016(a) of such Code (relating to adjustments to basis) is amended by striking `and' at the end of paragraph (26), by striking the period and inserting `, and' at the end of paragraph (27), and by adding at the end the following new paragraph:
`(28) to the extent provided in section 199.'.
(2) The table of sections for part VI of subchapter B of chapter 1 of such Code is amended by adding at the end the following new item:
`199. Security device purchases.'.
SEC. 2. EFFECTIVE DATE.
The amendments made by this Act shall apply to taxable years beginning after December 31, 2000.
bg |
