A bill to amend the Internal Revenue Code of 1986 to adjust the limits on expensing of certain depreciable business assets.

Bill: 113-s-1298
Sponsor: full_name: Sen. Begich, Mark [D-AK]
Introduced: 2013-07-16
Policy area: Taxation
Subjects: Business investment and capital

Income tax deductions
Latest action: action_date: 2013-07-16
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2013-07-16
action_desc: Introduced in Senate
text: <p>Amends the Internal Revenue Code to increase, for taxable years beginning after 2013: (1) the limitation on the amount of the expensing allowance for depreciable business assets from $25,000 to $200,000, and (2) the threshold amount over which such expensing allowance is reduced from $200,000 to $800,000.</p>

tv_txt: II 113th CONGRESS 1st Session S. 1298 IN THE SENATE OF THE UNITED STATES July 16 (legislative day, July 15), 2013 Mr. Begich introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to adjust the limits on expensing of certain depreciable business assets.

1. Expensing certain depreciable business assets (a) In general Section 179(b) of the Internal Revenue Code of 1986 is amended— (1) in paragraph (1)(C), by striking $25,000 and inserting $250,000 , and (2) in paragraph (2)(C), by striking $200,000 and inserting $800,000 . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2013.