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Wilson Encourages Leadership to Include Bonus Depreciation Bill as Part of Stimulus Package

January 17, 2008

FOR IMMEDIATE RELEASE
January 17, 2008

Congressman Joe Wilson (SC-02) issued the following statement today encouraging Congressional leadership and President George W. Bush to include the Bonus Depreciation Extension Act of 2007 (H.R. 827) as part of an economic stimulus package. Introduced by Congressman Wilson at the beginning of last year, this bill provides a 50% depreciation deduction in the first year for qualifying machinery and equipment purchased by businesses.

"In 2003, I stood at the White House with President Bush when he signed into law the "Jobs and Growth Tax Relief Reconciliation Act of 2003". This legislation included a provision I had introduced to provide businesses with a 50% bonus depreciation on certain machinery and equipment. This increase in bonus depreciation contributed to the productivity of American businesses, a boost in job creation, and a steady rise in the growth of the economy over the last five years.

"Unfortunately, those provisions expired and the current economic slow-down means that businesses are looking for greater incentives to invest in the economy and create new jobs. My legislation, once again, provides just such an incentive, and it has a proven track record of stimulating economic growth.

"The American economy has seen an unprecedented rate of growth over the last few years thanks to the hard work and ingenuity of the American people and pro-growth Republican policies. We should build on that success by helping businesses invest in their own growth and create more jobs for hardworking Americans."

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