Tax Equality for Entrepreneurs Act

Bill: 113-hr-4940
Sponsor: full_name: Rep. Meng, Grace [D-NY-6]
Introduced: 2014-06-23
Policy area: Taxation
Subjects: Business investment and capital

Food industry and services

Income tax deductions

Real estate business

Retail and wholesale trades
Latest action: action_date: 2014-06-23
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2014-06-23
action_desc: Introduced in House
text: <p>Tax Equality for Entrepreneurs Act - Amends the Internal Revenue Code to make permanent: (1) accelerated depreciation (15-year cost recovery) of qualified leasehold and retail improvement property and qualified restaurant property; and (2) the election to expense such property.</p>

tv_txt: 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.