President Obama to propose 100% bonus depreciation / section 179 fixed asset write-offs?

Well, this has certainly been an active couple of days for tax breaks (reportedly) being proposed by the Obama Administration!

First it's announced that the President will ask Congress on Wednesday to expand and make permanent the research credit.  Now, the Wall Street Journal is reporting

President Barack Obama, in one of his most dramatic gestures to business, will propose that companies be allowed to write off 100% of their new investment in plant and equipment through 2011, a plan that White House economists say would cut business taxes by nearly $200 billion over two years.

The proposal, to be laid out Wednesday in a speech in Cleveland, tops a raft of announcements, from a proposed expansion of the research and experimentation tax credit to $50 billion in additional spending on roads, railways and runways. But unlike those two ideas, both familiar from Mr. Obama's 2008 campaign, the investment incentive would embrace a long-held wish by conservative economists that had never won support from either Republican or Democratic administrations.

(See here for the rest of the article.  You may need to register at online.WSJ.com to see it.)

For what it's worth, I haven't found anything about either this item or the research credit proposal on the White House website.

Stay tuned!