H.R. 4940House113th Congress (2013-2015)In Committee

Tax Equality for Entrepreneurs Act

Sponsored by Grace MengRep. Grace Meng (D-NY)
Introduced June 23, 2014

Legislative Activity

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HouseIntro Referral Latest Action

Referred to the House Committee on Ways and Means.

June 23, 2014

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HouseIntro Referral

Introduced in House

June 23, 2014

HouseIntro Referral

Referred to the House Committee on Ways and Means.

June 23, 2014

Floor Debate

1 member

What members said about H.R. 4940 on the floor

1 Democrat
Sheila Jackson Lee
Rep. Sheila Jackson LeeD-TX-18 · Jul 15, 2014

Mr. Speaker, I rise today to talk about children and to talk about children around the world, here at home, and I guess what is most on many Americans' minds because of the visuals that they have…

Bill Text

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Introduced in HouseIssued June 23, 2014

I

113th CONGRESS

2d Session

H. R. 4940

IN THE HOUSE OF REPRESENTATIVES

June 23, 2014

Ms. Meng introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to permanently extend 15-year straight-line cost recovery and section 179 expensing for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property.

1.

Short title

This Act may be cited as the Tax Equality for Entrepreneurs Act.

2.

Permanent extension of certain tax incentives for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property

(a)

15-Year straight-Line cost recovery

Section 168(e)(3)(E) of the Internal Revenue Code of 1986 is amended—

(1)

by striking placed in service before January 1, 2014 in clauses (iv) and (v), and

(2)

by striking placed in service after December 31, 2008, and before January 1, 2014 in clause (ix).

(b)

Section 179 expensing

Section 179(f) of such Code is amended—

(1)

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

(2)

by striking paragraph (4).

(c)

Effective date

The amendments made by this section shall apply to property placed in service after December 31, 2013.