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H.R. 5109 (110th): Economic Growth Act of 2008

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

1/23/2008--Introduced. Economic Growth Act of 2008 - Amends the Internal Revenue Code to: (1) repeal the dollar and other limitations on the expensing allowance of depreciable business assets; (2) reduce to 25% the maximum corporate income tax rate; (3) provide for an inflation adjustment to the basis of certain capital assets for purposes of determining gain or loss; and (4) reduce from 35 to 15% the alternative capital gains tax rate for corporations.