To amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation.

Bill: 113-hr-4718
Sponsor: Rep. Tiberi, Patrick J. [R-OH-12]
Introduced: 2014-05-22 in the House
Policy area: Taxation
Subjects: Building construction
Business investment and capital
Computers and information technology
Forests, forestry, trees
Fruit and vegetables
Income tax credits
Income tax deductions
Motor vehicles
Public utilities and utility rates
Real estate business
Retail and wholesale trades
Water use and supply

Summary:
action_date: 2014-05-22
text: 
Amends the Internal Revenue Code to: (1) make permanent the additional 50% depreciation allowance (bonus depreciation) for qualified property (i.e., property which has a recovery period of 20 years or less and is computer software, water utility property, or qualified leasehold or retail improvement property); (2) make permanent the election to increase the alternative minimum tax (AMT) credit limitation in lieu of bonus depreciation; and (3) allow an additional depreciation allowance for a tree or vine bearing fruits or nuts, in the taxable year in which the tree or vine is planted, or grafted to a plant, in the ordinary course of the taxpayer's farming business. 

action_date: 2014-07-03
text: 
Amends the Internal Revenue Code to make permanent the additional 50% depreciation allowance (bonus depreciation) for qualified property placed in service after December 31, 2013. Modifies the definition of &quot;qualified property&quot; to include qualified retail improvement property. Increases by $8,000 (with an annual inflation adjustment after 2014) the maximum allowable depreciation deduction for a passenger automobile (i.e., any 4-wheeled vehicle which is manufactured primarily for use on public streets, roads, and highways and is rated at 6,000 pounds unloaded gross vehicle weight or less). 
 
Makes permanent, for taxable years ending after December 31, 2013, the election to increase the alternative minimum tax (AMT) credit limitation in lieu of bonus depreciation. 
 
Allows an additional deprecation allowance for a tree or vine bearing fruits or nuts, in the taxable year in which the tree or vine is planted, or grafted to a plant, in the ordinary course of the taxpayer's farming business. Makes such provision applicable to trees and vines planted or grafted after December 31, 2013. 

action_date: 2014-07-11
text: 
Amends the Internal Revenue Code to make permanent the additional 50% depreciation allowance (bonus depreciation) for qualified property placed in service after December 31, 2013. Modifies the definition of &quot;qualified property&quot; to include qualified retail improvement property. Increases by $8,000 (with an annual inflation adjustment after 2014) the maximum allowable depreciation deduction for a passenger automobile (i.e., any 4-wheeled vehicle which is manufactured primarily for use on public streets, roads, and highways and is rated at 6,000 pounds unloaded gross vehicle weight or less). 
 
Makes permanent, for taxable years ending after December 31, 2013, the election to increase the alternative minimum tax (AMT) credit limitation in lieu of bonus depreciation. 
 
Allows an additional deprecation allowance for a tree or vine bearing fruits or nuts, in the taxable year in which the tree or vine is planted, or grafted to a plant, in the ordinary course of the taxpayer's farming business. Makes such provision applicable to trees and vines planted or grafted after December 31, 2013. 
 
Prohibits the entry of the budgetary effects of this Act on any PAYGO (pay-as-you-go) scorecard.


Legislative actions:
action_date: 2014-07-15
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 465.
action_date: 2014-07-14
text: Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
action_date: 2014-07-11
text: On passage Passed by recorded vote: 258 - 160 (Roll no. 404). (text: CR H6110-6112)
action_date: 2014-07-11
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2014-07-11
text: Passed/agreed to in House: On passage Passed by recorded vote: 258 - 160 (Roll no. 404).(text: CR H6110-6112)
action_date: 2014-07-11
text: On motion to recommit with instructions Failed by the Yeas and Nays: 191 - 229 (Roll no. 403). (consideration: CR H6120-6121)
action_date: 2014-07-11
text: The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H6120)
action_date: 2014-07-11
text: DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions, pending the reservation of a point of order. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to extend Bonus Depreciation for 2 additional years instead of a permanent extention. The reservation of a point of order was subsequently withdrawn.
action_date: 2014-07-11
text: Mr. Neal moved to recommit with instructions to the Committee on Ways and Means. (consideration: CR H6119-6121; text: CR H6119)
action_date: 2014-07-11
text: The previous question was ordered pursuant to the rule. (consideration: CR H6119)
action_date: 2014-07-11
text: POINT OF ORDER - Mr. Van Hollen raised a point of order against consideration of H.R. 4718 by stating that the bill violated the provisions of the Congressional Budget Act. Subsequently, the Chair ruled that the provisions of H. Res. 661 which provide for the consideration of H.R. 4718, waive all points of order against consideration of the bill.
action_date: 2014-07-11
text: DEBATE - The House proceeded with one hour of debate on H.R. 4718.
action_date: 2014-07-11
text: The resolution provides for the consideration of H.R. 5016 and H.R. 4718. The resolution provides for one hour of debate for each bill. Amendments may be offered to H.R. 5016, however no amendments are in order for H.R. 4718 except for the amendment in the nature of a substitute recommended by the Committee on Ways and Means and modified by the amendment printed in House Report 113-517. One motion to recommit is allowed for each bill.
action_date: 2014-07-11
text: Considered under the provisions of rule H. Res. 661. (consideration: CR H6110-6121)
action_date: 2014-07-10
text: Rule H. Res. 661 passed House.
action_date: 2014-07-09
text: Rules Committee Resolution H. Res. 661 Reported to House. The resolution provides for the consideration of H.R. 5016 and H.R. 4718. The resolution provides for one hour of debate for each bill. Amendments may be offered to H.R. 5016, however no amendments are in order for H.R. 4718 except for the amendment in the nature of a substitute recommended by the Committee on Ways and Means and modified by the amendment printed in House Report 113-517. One motion to recommit is allowed for each bill.
action_date: 2014-07-03
text: Placed on the Union Calendar, Calendar No. 381.
action_date: 2014-07-03
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-509.
action_date: 2014-07-03
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-509.
action_date: 2014-05-29
text: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 23 - 11.
action_date: 2014-05-29
text: Committee Consideration and Mark-up Session Held.
action_date: 2014-05-22
text: Referred to the House Committee on Ways and Means.
action_date: 2014-05-22
text: Introduced in House
action_date: 2014-05-22
text: Introduced in House