High Productivity Investment Act of 2001
Last action on Jul 12, 2001Referred to the House Committee on Ways and Means.
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Summary
High Productivity Investment Act of 2001 - Amends the Internal Revenue Code to establish two new depreciation provisions: (1) the rapid cost recovery system under which the cost of specified property may be depreciated more quickly than under current depreciation methods; and (2) the high productivity investment deduction under which the cost of specified property may be expensed.
Modifies the alternative minimum tax.
Directs the Secretary of the Treasury to establish a table showing classes of property and the modified class life of each class of property. Provides a schedule on which the Secretary's initial table shall be based.
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