TEMPORARY INCREASE IN LIMITATIONS ON EXPENSING OF CERTAIN DEPRECIABLE BUSINESS ASSETS.

SEC. 102. TEMPORARY INCREASE IN LIMITATIONS ON EXPENSING OF CERTAIN DEPRECIABLE BUSINESS ASSETS.(a) In General.—Subsection (b) of section 179 of the Internal Revenue Code of 1986 (relating to limitations) is amended by adding at the end the following new paragraph:“(7) Increase in limitations for 2008.—In the case of any taxable year beginning in 2008—“(A) the dollar limitation under paragraph (1) shall be $250,000,“(B) the dollar limitation under paragraph (2) shall be $800,000, and“(C) the amounts described in subparagraphs (A) and (B) shall not be adjusted under paragraph (5).”.(b) Effective Date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2007.