A bill to amend the Internal Revenue Code of 1954 to increase the amount of the deduction for depreciation allowed with respect to certain small business property.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to permit small businesses to depreciate business property according to the practical cost recovery method. Provides, under such method, for a class life of: (1) two years for highway transportation equipment, tool, dies, and similar assets; (2) five years for machinery; and (3) ten years for real estate improvements. Limits the amount of the tax deduction for such depreciation to $200,000 for the taxable year. Permits a one-year carryover of depreciation amounts which exceed such limit.…