America's Small Business Tax Relief Act of 2014

To amend the Internal Revenue Code of 1986 to permanently extend increased expensing limitations, and for other purposes. 1. Short title This Act may be cited as the America’s Small Business Tax Relief Act of 2014 2. Expensing certain depreciable business assets for small business (a) In general (1) Dollar limitation Paragraph (1) of section 179(b) shall not exceed— shall not exceed $500,000. (2) Reduction in limitation Paragraph (2) of section 179(b) of such Code is amended by striking exceeds— exceeds $2,000,000. (b) 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 to which section 167 applies (c) Election Paragraph (2) of section 179(c) of such Code is amended— (1) by striking may not be revoked and before 2014 (2) by striking irrevocable (d) 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 (e) Qualified real property Section 179(f) of such Code is amended— (1) by striking beginning in 2010, 2011, 2012, or 2013 (2) by striking paragraphs (3) and (4). (f) Inflation adjustment Subsection (b) of section 179 of such Code is amended by adding at the end the following new paragraph: (6) Inflation adjustment (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— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(c)(2)(A) for such calendar year, determined by substituting calendar year 2013 calendar year 2012 (B) Rounding The amount of any increase under subparagraph (A) shall be rounded to the nearest multiple of $10,000. . (g) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2013. 1. Short title This Act may be cited as the America’s Small Business Tax Relief Act of 2014 2. Expensing certain depreciable business assets for small business (a) In general (1) Dollar limitation Paragraph (1) of section 179(b) shall not exceed— shall not exceed $500,000. (2) Reduction in limitation Paragraph (2) of section 179(b) of such Code is amended by striking exceeds— exceeds $2,000,000. (b) 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 to which section 167 applies (c) Election Paragraph (2) of section 179(c) of such Code is amended— (1) by striking may not be revoked and before 2014 (2) by striking irrevocable (d) 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 (e) Qualified real property Subsection (f) of section 179 of such Code is amended— (1) by striking beginning in 2010, 2011, 2012, or 2013 (2) by striking paragraphs (3) and (4). (f) Inflation adjustment Subsection (b) of section 179 of such Code is amended by adding at the end the following new paragraph: (6) Inflation adjustment (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— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(c)(2)(A) for such calendar year, determined by substituting calendar year 2013 calendar year 2012 (B) Rounding The amount of any increase under subparagraph (A) shall be rounded to the nearest multiple of $10,000. . (g) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2013. May 2, 2014 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

Summary: America's Small Business Tax Relief Act of 2014 - Amends the Internal Revenue Code, with respect to the expensing allowance for depreciable business property, to make permanent: (1) the increased $500,000 expensing allowance for such property, (2) the increased $2,000,000 threshold amount for such property over which the amount of the expensing allowance is reduced, (3) expensing of computer software, and (4) rules for the expensing of qualified real property (i.e.,&nbsp;leasehold improvement, restaurant, and retail improvement property).&nbsp; Allow an inflation adjustment to the dollar amounts of the expensing allowance for taxable years beginning after 2014. Eliminates the exclusion of air conditioning and heating units as property eligible for the expensing allowance. Prohibits the entry of the budgetary effects of this Act on any PAYGO (Pay-As-You-Go) scorecard.