A bill to amend the Internal Revenue Code of 1986 to expand the types of livestock for which bonus depreciation is available.

Bill: 113-s-494
Sponsor: full_name: Sen. Schumer, Charles E. [D-NY]
Introduced: 2013-03-07
Policy area: Taxation
Subjects: Agricultural prices, subsidies, credit

Business investment and capital

Income tax deductions

Livestock
Latest action: action_date: 2013-03-07
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2013-03-07
action_desc: Introduced in Senate
text: <p>Amends the Internal Revenue Code to allow the special depreciation allowance (bonus depreciation) for dairy producing calves and cows purchased for business use, regardless of whether the original use of such livestock commenced with another taxpayer. </p>

tv_txt: II 113th CONGRESS 1st Session S. 494 IN THE SENATE OF THE UNITED STATES March 7, 2013 Mr. Schumer 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 expand the types of livestock for which bonus depreciation is available.

1. Expansion of livestock available for bonus depreciation (a) In general Subparagraph (E) of section 168(k)(2) of the Internal Revenue Code of 1986 is amended by adding at the end the following new clause: (v) Dairy producing calves and cows In the case of any dairy producing calf or cow, subparagraph (A) shall be applied without regard to clause (ii) thereof. . (b) Effective date The amendment made by subsection (a) shall apply to property placed in service after December 31, 2012, in taxable years ending after such date.