the adjusted basis of qualifying property.
Increases small-business expensing from $24,000 to $35,000. In addition, the beginning of the phase-out threshold increases from $200,000 to $325,000.
Repeals the depreciation preference under the Alternative Minimum Tax and the 90% limitations on use of foreign tax credits and net operating losses. Effective for taxable years beginning after December 31, 2001.
*AS OF DECEMBER 21, 2001.