II
Calendar No. 434
113th CONGRESS
2d Session
H. R. 4457
IN THE SENATE OF THE UNITED STATES
June 16, 2014
Received; read the first time
June 17, 2014
Read the second time and placed on the calendar
AN ACT
To amend the Internal Revenue Code of 1986 to permanently extend increased expensing limitations, and for other purposes.
Short title
This Act may be cited as the America’s Small Business Tax Relief Act of 2014
.
Expensing certain depreciable business assets for small business
In general
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.
.
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.
.
Computer software
Clause (ii) of section 179(d)(1)(A) of such Code 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
.
Election
Paragraph (2) of section 179(c) of such Code is amended—
by striking may not be revoked
and all that follows through and before 2014
, and
by striking irrevocable
in the heading thereof.
Air conditioning and heating units
Paragraph (1) of section 179(d) of such Code is amended by striking and shall not include air conditioning or heating units
.
Qualified real property
Subsection (f) of section 179 of such Code is amended—
by striking beginning in 2010, 2011, 2012, or 2013
in paragraph (1), and
by striking paragraphs (3) and (4).
Inflation adjustment
Subsection (b) of section 179 of such Code is amended by adding at the end the following new paragraph:
Inflation adjustment
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—
such dollar amount, multiplied by
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.
Rounding
The amount of any increase under subparagraph (A) shall be rounded to the nearest multiple of $10,000.
.
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2013.
Budgetary effects
Statutory Pay-As-You-Go Scorecards
The budgetary effects of this Act shall not be entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010.
Senate PAYGO Scorecards
The budgetary effects of this Act shall not be entered on any PAYGO scorecard maintained for purposes of section 201 of S. Con. Res. 21 (110th Congress).
Passed the House of Representatives June 12, 2014.
Karen L. Haas,
Clerk
June 17, 2014
Read the second time and placed on the calendar