America's Small Business Tax Relief Act of 2014

Bill: 113-hr-4457
Sponsor: full_name: Rep. Tiberi, Patrick J. [R-OH-12]
Introduced: 2014-04-10
Policy area: Taxation
Subjects: Business investment and capital

Computers and information technology

Food industry and services

Income tax deductions

Inflation and prices

Lighting, heating, cooling

Retail and wholesale trades
Latest action: action_date: 2014-06-17
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 434.

Summaries:
action_date: 2014-04-10
action_desc: Introduced in House
text: <p>America's Small Business Tax Relief Act of 2014 - Amends the Internal Revenue Code, with respect to the expensing allowance for depreciable business property, to make permanent: (1) the increased $500,000 expensing allowance for such property, (2) the increased $2,000,000 threshold amount for such property over which the amount of the expensing allowance is reduced, (3) expensing of computer software, and (4) rules for the expensing of qualified real property (i.e.,&nbsp;leasehold improvement, restaurant, and retail improvement property).&nbsp; Allow an inflation adjustment to the dollar amounts of the expensing allowance for taxable years beginning after 2014. Eliminates the exclusion of air conditioning and heating units from property eligible for the expensing allowance. </p>

action_date: 2014-05-02
action_desc: Reported to House with amendment(s)
text: <p>America's Small Business Tax Relief Act of 2014 - Amends the Internal Revenue Code, with respect to the expensing allowance for depreciable business property, to make permanent: (1) the increased $500,000 expensing allowance for such property, (2) the increased $2,000,000 threshold amount for such property over which the amount of the expensing allowance is reduced, (3) expensing of computer software, and (4) rules for the expensing of qualified real property (i.e.,&nbsp;leasehold improvement, restaurant, and retail improvement property).&nbsp; Allow an inflation adjustment to the dollar amounts of the expensing allowance for taxable years beginning after 2014. Eliminates the exclusion of air conditioning and heating units as property eligible for the expensing allowance. </p>

action_date: 2014-06-12
action_desc: Passed House amended
text: <p>America's Small Business Tax Relief Act of 2014 - Amends the Internal Revenue Code, with respect to the expensing allowance for depreciable business property, to make permanent: (1) the increased $500,000 expensing allowance for such property, (2) the increased $2,000,000 threshold amount for such property over which the amount of the expensing allowance is reduced, (3) expensing of computer software, and (4) rules for the expensing of qualified real property (i.e.,&nbsp;leasehold improvement, restaurant, and retail improvement property).&nbsp; Allow an inflation adjustment to the dollar amounts of the expensing allowance for taxable years beginning after 2014. Eliminates the exclusion of air conditioning and heating units as property eligible for the expensing allowance. </p> <p>Prohibits the entry of the budgetary effects of this Act on any PAYGO (Pay-As-You-Go) scorecard.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4457 IN THE HOUSE OF REPRESENTATIVES April 10, 2014 Mr. Tiberi (for himself, Mr. Kind , Mr. Young of Indiana , Mr. Neal , Mr. Gerlach , Mr. Danny K. Davis of Illinois , and Mr. Schock ) 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 increased expensing limitations, and for other purposes.

1. Short title This Act may be cited as the America’s Small Business Tax Relief Act of 2014 . 2. Expensing certain depreciable business assets for small business (a) In general (1) Dollar limitation Paragraph (1) of section 179(b) of the Internal Revenue Code of 1986 is amended by striking shall not exceed— and all that follows and inserting shall not exceed $500,000. . (2) Reduction in limitation Paragraph (2) of section 179(b) of such Code is amended by striking exceeds— and all that follows and inserting exceeds $2,000,000. . (b) Computer software Clause (ii) of section 179(d)(1)(A) of such Code is amended by striking , to which section 167 applies, and which is placed in service in a taxable year beginning after 2002 and before 2014 and inserting and to which section 167 applies . (c) Election Paragraph (2) of section 179(c) of such Code is amended— (1) by striking may not be revoked and all that follows through and before 2014 , and (2) by striking irrevocable in the heading thereof. (d) Air conditioning and heating units Paragraph (1) of section 179(d) of such Code is amended by striking and shall not include air conditioning or heating units . (e) Qualified real property 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 paragraphs (3) and (4). (f) Inflation adjustment Subsection (b) of section 179 of such Code is amended by adding at the end the following new paragraph: (6) Inflation adjustment (A) In general In the case of any taxable year beginning after 2014, the dollar amounts in paragraphs (1) and (2) shall each be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(c)(2)(A) for such calendar year, determined by substituting calendar year 2013 for calendar year 2012 in clause (ii) thereof. (B) Rounding The amount of any increase under subparagraph (A) shall be rounded to the nearest multiple of $10,000. . (g) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2013.

tv_txt: IB Union Calendar No. 320 113th CONGRESS 2d Session H. R. 4457 [Report No. 113–432] IN THE HOUSE OF REPRESENTATIVES April 10, 2014 Mr. Tiberi (for himself, Mr. Kind , Mr. Young of Indiana , Mr. Neal , Mr. Gerlach , Mr. Danny K. Davis of Illinois , and Mr. Schock ) introduced the following bill; which was referred to the Committee on Ways and Means May 2, 2014 Additional sponsors: Mr. Neugebauer , Mrs. Bustos , Mr. Reed , Mr. Loebsack , Mr. Kelly of Pennsylvania , Mr. Griffin of Arkansas , Mr. Ribble , Mr. Smith of Nebraska , Mr. Cramer , Mr. Smith of Missouri , and Mr. Murphy of Florida May 2, 2014 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic A BILL To amend the Internal Revenue Code of 1986 to permanently extend increased expensing limitations, and for other purposes.

1. Short title This Act may be cited as the America’s Small Business Tax Relief Act of 2014 . 2. Expensing certain depreciable business assets for small business (a) In general (1) Dollar limitation Paragraph (1) of section 179(b) of the Internal Revenue Code of 1986 is amended by striking shall not exceed— and all that follows and inserting shall not exceed $500,000. . (2) Reduction in limitation Paragraph (2) of section 179(b) of such Code is amended by striking exceeds— and all that follows and inserting exceeds $2,000,000. . (b) Computer software Clause (ii) of section 179(d)(1)(A) of such Code is amended by striking , to which section 167 applies, and which is placed in service in a taxable year beginning after 2002 and before 2014 and inserting and to which section 167 applies . (c) Election Paragraph (2) of section 179(c) of such Code is amended— (1) by striking may not be revoked and all that follows through and before 2014 , and (2) by striking irrevocable in the heading thereof. (d) Air conditioning and heating units Paragraph (1) of section 179(d) of such Code is amended by striking and shall not include air conditioning or heating units . (e) Qualified real property 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 paragraphs (3) and (4). (f) Inflation adjustment Subsection (b) of section 179 of such Code is amended by adding at the end the following new paragraph: (6) Inflation adjustment (A) In general In the case of any taxable year beginning after 2014, the dollar amounts in paragraphs (1) and (2) shall each be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(c)(2)(A) for such calendar year, determined by substituting calendar year 2013 for calendar year 2012 in clause (ii) thereof. (B) Rounding The amount of any increase under subparagraph (A) shall be rounded to the nearest multiple of $10,000. . (g) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2013.

1. Short title This Act may be cited as the America’s Small Business Tax Relief Act of 2014 . 2. Expensing certain depreciable business assets for small business (a) In general (1) Dollar limitation Paragraph (1) of section 179(b) of the Internal Revenue Code of 1986 is amended by striking shall not exceed— and all that follows and inserting shall not exceed $500,000. . (2) Reduction in limitation Paragraph (2) of section 179(b) of such Code is amended by striking exceeds— and all that follows and inserting exceeds $2,000,000. . (b) Computer software Clause (ii) of section 179(d)(1)(A) of such Code is amended by striking , to which section 167 applies, and which is placed in service in a taxable year beginning after 2002 and before 2014 and inserting and to which section 167 applies . (c) Election Paragraph (2) of section 179(c) of such Code is amended— (1) by striking may not be revoked and all that follows through and before 2014 , and (2) by striking irrevocable in the heading thereof. (d) Air conditioning and heating units Paragraph (1) of section 179(d) of such Code is amended by striking and shall not include air conditioning or heating units . (e) Qualified real property Subsection (f) of section 179 of such Code is amended— (1) by striking beginning in 2010, 2011, 2012, or 2013 in paragraph (1), and (2) by striking paragraphs (3) and (4). (f) Inflation adjustment Subsection (b) of section 179 of such Code is amended by adding at the end the following new paragraph: (6) Inflation adjustment (A) In general In the case of any taxable year beginning after 2014, the dollar amounts in paragraphs (1) and (2) shall each be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(c)(2)(A) for such calendar year, determined by substituting calendar year 2013 for calendar year 2012 in clause (ii) thereof. (B) Rounding The amount of any increase under subparagraph (A) shall be rounded to the nearest multiple of $10,000. . (g) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2013.

May 2, 2014 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

tv_txt: IB 113th CONGRESS 2d Session H. R. 4457 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Internal Revenue Code of 1986 to permanently extend increased expensing limitations, and for other purposes.

1. Short title This Act may be cited as the America’s Small Business Tax Relief Act of 2014 . 2. Expensing certain depreciable business assets for small business (a) In general (1) Dollar limitation Paragraph (1) of section 179(b) of the Internal Revenue Code of 1986 is amended by striking shall not exceed— and all that follows and inserting shall not exceed $500,000. . (2) Reduction in limitation Paragraph (2) of section 179(b) of such Code is amended by striking exceeds— and all that follows and inserting exceeds $2,000,000. . (b) Computer software Clause (ii) of section 179(d)(1)(A) of such Code is amended by striking , to which section 167 applies, and which is placed in service in a taxable year beginning after 2002 and before 2014 and inserting and to which section 167 applies . (c) Election Paragraph (2) of section 179(c) of such Code is amended— (1) by striking may not be revoked and all that follows through and before 2014 , and (2) by striking irrevocable in the heading thereof. (d) Air conditioning and heating units Paragraph (1) of section 179(d) of such Code is amended by striking and shall not include air conditioning or heating units . (e) Qualified real property Subsection (f) of section 179 of such Code is amended— (1) by striking beginning in 2010, 2011, 2012, or 2013 in paragraph (1), and (2) by striking paragraphs (3) and (4). (f) Inflation adjustment Subsection (b) of section 179 of such Code is amended by adding at the end the following new paragraph: (6) Inflation adjustment (A) In general In the case of any taxable year beginning after 2014, the dollar amounts in paragraphs (1) and (2) shall each be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(c)(2)(A) for such calendar year, determined by substituting calendar year 2013 for calendar year 2012 in clause (ii) thereof. (B) Rounding The amount of any increase under subparagraph (A) shall be rounded to the nearest multiple of $10,000. . (g) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2013. 3. Budgetary effects (a) Statutory Pay-As-You-Go Scorecards The budgetary effects of this Act shall not be entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010. (b) Senate PAYGO Scorecards The budgetary effects of this Act shall not be entered on any PAYGO scorecard maintained for purposes of section 201 of S. Con. Res. 21 (110th Congress).

Passed the House of Representatives June 12, 2014. Karen L. Haas, Clerk.

tv_txt: II Calendar No. 434 113th CONGRESS 2d Session H. R. 4457 IN THE SENATE OF THE UNITED STATES June 16, 2014 Received; read the first time June 17, 2014 Read the second time and placed on the calendar AN ACT To amend the Internal Revenue Code of 1986 to permanently extend increased expensing limitations, and for other purposes.

1. Short title This Act may be cited as the America’s Small Business Tax Relief Act of 2014 . 2. Expensing certain depreciable business assets for small business (a) In general (1) Dollar limitation Paragraph (1) of section 179(b) of the Internal Revenue Code of 1986 is amended by striking shall not exceed— and all that follows and inserting shall not exceed $500,000. . (2) Reduction in limitation Paragraph (2) of section 179(b) of such Code is amended by striking exceeds— and all that follows and inserting exceeds $2,000,000. . (b) Computer software Clause (ii) of section 179(d)(1)(A) of such Code is amended by striking , to which section 167 applies, and which is placed in service in a taxable year beginning after 2002 and before 2014 and inserting and to which section 167 applies . (c) Election Paragraph (2) of section 179(c) of such Code is amended— (1) by striking may not be revoked and all that follows through and before 2014 , and (2) by striking irrevocable in the heading thereof. (d) Air conditioning and heating units Paragraph (1) of section 179(d) of such Code is amended by striking and shall not include air conditioning or heating units . (e) Qualified real property Subsection (f) of section 179 of such Code is amended— (1) by striking beginning in 2010, 2011, 2012, or 2013 in paragraph (1), and (2) by striking paragraphs (3) and (4). (f) Inflation adjustment Subsection (b) of section 179 of such Code is amended by adding at the end the following new paragraph: (6) Inflation adjustment (A) In general In the case of any taxable year beginning after 2014, the dollar amounts in paragraphs (1) and (2) shall each be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(c)(2)(A) for such calendar year, determined by substituting calendar year 2013 for calendar year 2012 in clause (ii) thereof. (B) Rounding The amount of any increase under subparagraph (A) shall be rounded to the nearest multiple of $10,000. . (g) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2013. 3. Budgetary effects (a) Statutory Pay-As-You-Go Scorecards The budgetary effects of this Act shall not be entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010. (b) Senate PAYGO Scorecards The budgetary effects of this Act shall not be entered on any PAYGO scorecard maintained for purposes of section 201 of S. Con. Res. 21 (110th Congress).

Passed the House of Representatives June 12, 2014. Karen L. Haas, Clerk

June 17, 2014 Read the second time and placed on the calendar