Fixed Asset Relief Act of 2015

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fixed Asset Relief Act of 2015''.

SEC. 2. BONUS DEPRECIATION INCREASED TO 100 PERCENT AND MADE PERMANENT.

    (a) Increase.--Section 168(k)(1)(A) of the Internal Revenue Code of 
1986 is amended by striking ``50 percent'' and inserting ``100 
percent''.
    (b) Made Permanent.--Section 168(k)(2) of the Internal Revenue Code 
of 1986 is amended to read as follows:
            ``(2) Qualified property.--For purposes of this 
        subsection--
                    ``(A) In general.--The term `qualified property' 
                means property--
                            ``(i)(I) to which this section applies 
                        which has a recovery period of 20 years or 
                        less,
                            ``(II) which is computer software (as 
                        defined in section 167(f)(1)(B)) for which a 
                        deduction is allowable under section 167(a) 
                        without regard to this subsection,
                            ``(III) which is water utility property, or
                            ``(IV) which is qualified leasehold 
                        improvement property, and
                            ``(ii) the original use of which commences 
                        with the taxpayer.
                    ``(B) Exception for alternative depreciation 
                property.--The term `qualified property' shall not 
                include any property to which the alternative 
                depreciation system under subsection (g) applies, 
                determined--
                            ``(i) without regard to paragraph (7) of 
                        subsection (g) (relating to election to have 
                        system apply), and
                            ``(ii) after application of section 280F(b) 
                        (relating to listed property with limited 
                        business use).
                    ``(C) Special rules.--
                            ``(i) Sale-leasebacks.--For purposes of 
                        clause (ii) and subparagraph (A)(ii), if 
                        property is--
                                    ``(I) originally placed in service 
                                by a person, and
                                    ``(II) sold and leased back by such 
                                person within 3 months after the date 
                                such property was originally placed in 
                                service,
                        such property shall be treated as originally 
                        placed in service not earlier than the date on 
                        which such property is used under the leaseback 
                        referred to in subclause (II).
                            ``(ii) Syndication.--For purposes of 
                        subparagraph (A)(ii), if--
                                    ``(I) property is originally placed 
                                in service by the lessor of such 
                                property,
                                    ``(II) such property is sold by 
                                such lessor or any subsequent purchaser 
                                within 3 months after the date such 
                                property was originally placed in 
                                service (or, in the case of multiple 
                                units of property subject to the same 
                                lease, within 3 months after the date 
                                the final unit is placed in service, so 
                                long as the period between the time the 
                                first unit is placed in service and the 
                                time the last unit is placed in service 
                                does not exceed 12 months), and
                                    ``(III) the user of such property 
                                after the last sale during such 3-month 
                                period remains the same as when such 
                                property was originally placed in 
                                service,
                        such property shall be treated as originally 
                        placed in service not earlier than the date of 
                        such last sale.
                    ``(D) Coordination with section 280f.--For purposes 
                of section 280F--
                            ``(i) Automobiles.--In the case of a 
                        passenger automobile (as defined in section 
                        280F(d)(5)) which is qualified property, the 
                        Secretary shall increase the limitation under 
                        section 280F(a)(1)(A)(i) by $8,000.
                            ``(ii) Listed property.--The deduction 
                        allowable under paragraph (1) shall be taken 
                        into account in computing any recapture amount 
                        under section 280F(b)(2).
                            ``(iii) Inflation adjustment.--In the case 
                        of any taxable year beginning in a calendar 
                        year after 2015, the $8,000 amount in clause 
                        (i) shall be increased by an amount equal to--
                                    ``(I) such dollar amount, 
                                multiplied by
                                    ``(II) the automobile price 
                                inflation adjustment determined under 
                                section 280F(d)(7)(B)(i) for the 
                                calendar year in which such taxable 
                                year begins by substituting `2014' for 
                                `1987' in subclause (II) thereof.
                        If any increase under the preceding sentence is 
                        not a multiple of $100, such increase shall be 
                        rounded to the nearest multiple of $100.
                    ``(E) Deduction allowed in computing minimum tax.--
                For purposes of determining alternative minimum taxable 
                income under section 55, the deduction under section 
                167 for qualified property shall be determined without 
                regard to any adjustment under section 56.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2014.

Summary: Fixed Asset Relief Act of 2015 This bill amends the Internal Revenue Code to increase the additional depreciation allowance from 50 to 100 of the adjusted basis of qualifying business property and to make such increased allowance permanent.