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

Bill: 114-hr-2510
Sponsor: Rep. Tiberi, Patrick J. [R-OH-12]
Introduced: 2015-05-21 in the House
Policy area: Taxation
Subjects: Business investment and capital
Forests, forestry, trees
Fruit and vegetables
Horticulture and plants
Income tax credits
Income tax deductions
Inflation and prices
Motor vehicles

Summary:
action_date: 2015-05-21
text: 
This bill amends the Internal Revenue Code to make permanent the additional 50% depreciation allowance, known as bonus depreciation, for depreciable business property (i.e., qualified property) placed in service after December 31, 2014. The term &quot;qualified property&quot; is modified to include qualified improvement property, in lieu of qualified leasehold improvement property, which is defined as any improvement to an interior portion of a building that is nonresidential real property if such improvement is placed in service after the date such building was first placed in service. The bill also increases by $8,000 (with an annual inflation adjustment after 2015) the maximum allowable depreciation deduction for a passenger automobile (i.e., any 4-wheeled vehicle that is manufactured primarily for use on public streets, roads, and highways and is rated at 6,000 pounds unloaded gross vehicle weight or less). 
 
Also made permanent, for taxable years ending after December 31, 2014, is the election to increase the alternative minium tax credit limitation in lieu of bonus depreciation. 
 
The bill allows an additional depreciation allowance for any specified plant that is planted, or grafted to a plant that has already been planted, by the taxpayer in the ordinary course of the taxpayer's farming business. The term &quot;specified plant&quot; means: (1) any tree or vine that bears fruits or nuts, and (2) any other plant that will have more than one yield of fruits or nuts and that generally has a period of more than two years from the time of planting or grafting to the time at which such plant begins bearing fruits or nuts. This allowance is applicable to specified plants planted or grafted after December 31, 2014. 
 
Finally, the bill prohibits the entry of the budgetary effects of this Act on any PAYGO scorecard maintained pursuant to the Statutory Pay-As-You-Go Act of 2010. 

action_date: 2015-10-28
text: 
(Sec. 1) This bill amends the Internal Revenue Code to make permanent the additional 50% depreciation allowance, known as bonus depreciation, for depreciable business property (i.e., qualified property) placed in service after December 31, 2014. The term "qualified property" is modified to include qualified improvement property, in lieu of qualified leasehold improvement property, which is defined as any improvement to an interior portion of a building that is nonresidential real property if such improvement is placed in service after the date such building was first placed in service. The bill also increases by $8,000 (with an annual inflation adjustment after 2015) the maximum allowable depreciation deduction for a passenger automobile (i.e., any 4-wheeled vehicle that is manufactured primarily for use on public streets, roads, and highways and is rated at 6,000 pounds unloaded gross vehicle weight or less). 
 
The bill also makes permanent the election to increase the alternative minium tax credit limitation in lieu of bonus depreciation for taxable years ending after December 31, 2014. 
 
The bill allows an additional depreciation allowance for any specified plant that is planted, or grafted to a plant that has already been planted, by the taxpayer in the ordinary course of the taxpayer's farming business. The term "specified plant" means: (1) any tree or vine that bears fruits or nuts, and (2) any other plant that will have more than one yield of fruits or nuts and that generally has a period of more than two years from the time of planting or grafting to the time at which such plant begins bearing fruits or nuts. This allowance is applicable to specified plants planted or grafted after December 31, 2014. 
 
(Sec. 2) The bill prohibits the entry of the budgetary effects of this Act on any PAYGO scorecard maintained pursuant to the Statutory Pay-As-You-Go Act of 2010. 


Legislative actions:
action_date: 2015-10-28
text: Placed on the Union Calendar, Calendar No. 240.
action_date: 2015-10-28
text: Committee on the Budget discharged.
action_date: 2015-10-28
text: Committee on the Budget discharged.
action_date: 2015-10-28
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 114-317, Part I.
action_date: 2015-10-28
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 114-317, Part I.
action_date: 2015-09-17
text: Ordered to be Reported (Amended) by the Yeas and Nays: 24 - 13.
action_date: 2015-09-17
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-05-21
text: Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2015-05-21
text: Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2015-05-21
text: Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2015-05-21
text: Introduced in House
action_date: 2015-05-21
text: Introduced in House