Small Business Investment Promotion Act

Bill: 113-s-1342
Sponsor: full_name: Sen. Flake, Jeff [R-AZ]
Introduced: 2013-07-23
Policy area: Taxation
Subjects: Business investment and capital

Computers and information technology

Food industry and services

Income tax deductions

Inflation and prices

Retail and wholesale trades
Latest action: action_date: 2013-07-23
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2013-07-23
action_desc: Introduced in Senate
text: <p>Small Business Investment Promotion Act - Amends the Internal Revenue Code, with respect to the expensing allowance for depreciable business property, to make permanent: (1) the increased $200,000 expensing allowance for such property, (2) the increased $800,000 threshold amount for such property over which the expensing allowance is reduced, (3) expensing of computer software, and (4) rules for the expensing of qualified real property. Eliminates the termination date for exercising an election to expense property. Allows an inflation adjustment to the dollar amounts of the expensing allowance for taxable years beginning after 2014.</p>

tv_txt: II 113th CONGRESS 1st Session S. 1342 IN THE SENATE OF THE UNITED STATES July 23, 2013 Mr. Flake (for himself, Mr. Udall of New Mexico , and Mr. Inhofe ) 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 permit expensing of certain depreciable business assets for small businesses.

1. Short title This Act may be cited as the Small Business Investment Promotion Act . 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 $250,000. . (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 $800,000. . (b) Computer software Clause (ii) of section 179(d)(1)(A) of such Code is amended by striking and before 2014 . (c) Election Paragraph (2) of section 179(c) of such Code is amended by striking may not be revoked and all that follows through and before 2014 . (d) 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 paragraph (4). (e) 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(f)(3) for the calendar year in which the taxable year begins, by substituting 2013 for 1992 in subparagraph (B) thereof. (B) Rounding The amount of any increase under subparagraph (A) shall be rounded to the nearest multiple of $10,000. . (f) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2013.