H.R. 4940

Tax Equality for Entrepreneurs Act

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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.