To direct the Secretary of the Treasury to increase the dollar limitation on the de minimis safe harbor from treatment as a capital expenditure for taxpayers without applicable financial statements.

Bill: 113-hr-4332
Sponsor: full_name: Rep. Gardner, Cory [R-CO-4]
Introduced: 2014-03-27
Policy area: Taxation
Subjects: Accounting and auditing

Administrative law and regulatory procedures

Business investment and capital

Department of the Treasury

Income tax deductions

Internal Revenue Service (IRS)
Latest action: action_date: 2014-03-27
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2014-03-27
action_desc: Introduced in House
text: <p>Instructs the Secretary of the Treasury to modify a specified Treasury Regulation to increase from $500 to $1,000 the limitation governing the de minimis safe harbor for taxpayers without applicable financial statements. </p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4332 IN THE HOUSE OF REPRESENTATIVES March 27, 2014 Mr. Gardner (for himself, Mr. Cramer , Mr. Tipton , Mr. Long , and Mr. Coffman ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To direct the Secretary of the Treasury to increase the dollar limitation on the de minimis safe harbor from treatment as a capital expenditure for taxpayers without applicable financial statements.

1. Increase in dollar limitation on de minimis safe harbor from treatment as capital expenditures for taxpayers without applicable financial statements (a) In general Not later than 180 days after the date of the enactment of this Act, the Secretary of the Treasury (or the Secretary’s designee) shall modify Treasury Regulation section 1.263(a)–1(f)(1)(ii)(D) to increase the $500 limitation contained therein with respect to the de minimis safe harbor for taxpayers without applicable financial statements to $1,000. (b) Effective date The revised regulations under this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2013.