To amend the Internal Revenue Code of 1986 and the Office of Federal Procurement Policy Act to provide economic benefits to small businesses.

Amends the Internal Revenue Code to increase the allowable deduction for meals and entertainment expenses.

Increases the limit on expensing certain depreciable business assets. Increases the amount of property which triggers the phaseout of the maximum deductibility.

Reduces the depreciation recovery period for qualified technological equipment from five to two years.

Amends the Office of Federal Procurement Policy Act to increase the micro-purchase threshold for purchases from small businesses.

Excludes contracts funded under the 2001 Emergency Supplemental Appropriations Act for Recovery from and Response to Terrorist Attacks on the United States from certain award price limitations restricting their award to disadvantaged or HubZone small business concerns.