S.Amdt. 3596

1. Adds SEC. 4. EXPENSING CERTAIN DEPRECIABLE BUSINESS ASSETS FOR SMALL BUSINESS at the end of the bill

   Adds a section

   In S. 2569 · Placed on Calendar Senate

   (d) Effective Date.--The amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act.

   Inserted: SEC. 4. EXPENSING CERTAIN DEPRECIABLE BUSINESS ASSETS FOR SMALL BUSINESS.

   Inserted: (a) In General.--

   Inserted: (1) Dollar limitation.--Paragraph (1) of section 179(b) of the Internal Revenue Code of 1986 is amended by striking "shall not exceed--" and all that follows and inserting "shall not exceed $500,000.".

   Inserted: (2) Reduction in limitation.--Paragraph (2) of section 179(b) of such Code is amended by striking "exceeds--" and all that follows and inserting "exceeds $2,000,000.".

   Inserted: (b) Computer Software.--Clause (ii) of section 179(d)(1)(A) of the Internal Revenue Code of 1986 is amended by striking ", to which section 167 applies, and which is placed in service in a taxable year beginning after 2002 and before 2014" and inserting "and to which section 167 applies".

   Inserted: (c) Election.--Paragraph (2) of section 179(c) of the Internal Revenue Code of 1986 is amended--

   Inserted: (1) by striking "may not be revoked" and all that follows through "and before 2014", and

   Inserted: (2) by striking "irrevocable" in the heading thereof.

   Inserted: (d) Air Conditioning and Heating Units.--Paragraph (1) of section 179(d) of the Internal Revenue Code of 1986 is amended by striking "and shall not include air conditioning or heating units".

   Inserted: (e) Qualified Real Property.--Subsection (f) of section 179 of the Internal Revenue Code of 1986 is amended--

   Inserted: (1) by striking "beginning in 2010, 2011, 2012, or 2013" in paragraph (1), and

   Inserted: (2) by striking paragraphs (3) and (4).

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   Inserted: (f) Inflation Adjustment.--Subsection (b) of section 179 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

   Inserted: "(6) Inflation adjustment.--

   Inserted: "(A) In general.--In the case of any taxable year beginning after 2014, the dollar amounts in paragraphs (1) and (2) shall each be increased by an amount equal to--

   Inserted: "(i) such dollar amount, multiplied by

   Inserted: "(ii) the cost-of-living adjustment determined under section 1(c)(2)(A) for such calendar year, determined by substituting 'calendar year 2013' for 'calendar year 2012' in clause (ii) thereof.

   Inserted: "(B) Rounding.--The amount of any increase under subparagraph (A) shall be rounded to the nearest multiple of $10,000.".

   Inserted: (g) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2013.

   Original wording

   At the end, insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed