[ISN] Bill To Give Tax Break For Security Gear In Congress

From: InfoSec News (isnat_private)
Date: Wed Nov 07 2001 - 01:34:38 PST

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    By Staff, Newsbytes
    06 Nov 2001, 4:58 PM CST
    A bill introduced in the House in late September that would offer
    companies tax breaks for buying biometrics and other cyber-security
    devices has been holding fast at the committee level since its
    Introduced by Rep. Jerry Weller, R-Ill., the Securing America
    Investment Act of 2001, H.R. 2970, allows businesses to write off
    "qualifying" security devices for the fiscal year that the devices are
    actually put into service.
    Qualifying devices, according to the bill, include electronic access
    control, biometric identification and closed-circuit television or
    surveillance systems, as well as computers and software used to try to
    put the brakes on cyber-terrorism.
    The bill, if passed into law, would apply to the last quarter of
    fiscal year 2001 and following fiscal years.
    Co-sponsors include Reps. Phil Crane, R-Ill., Joseph Crowley, D-N.Y.,
    Johnny Isakson, R-Ga., and C.L. "Butch" Otter, R-Idaho.
    The bill was referred to the House Ways and Means Committee, but in
    light of the waning congressional year, and the large amount of
    appropriations bills not yet passed, as well as the backload of
    legislation stemming from the Sept. 11 terrorist attacks and the
    subsequent Capitol Hill anthrax scare, the bill at this point either
    will languish until next year, or potentially be included in a larger
    appropriations package.
    Weller has been one of the leading proponents of increased computer
    and IT equipment depreciation rates, as well as other corporate tax
    breaks for high-tech equipment. He succeeded in getting language in
    this area included in the House-passed version of the economic
    stimulus package.
    That bill now will go up against equivalent Senate legislation, but
    many of the House tax break provisions could falter under the
    Democrat-led Senate's scrutiny.
    Democrats in the Senate have been pressing for more government
    spending to aid in U.S. economic recovery, while the Republican
    minority and the House-passed legislation focus more on tax breaks.
    Reported by Newsbytes.com, http://www.newsbytes.com
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