Fairness for Agricultural Machinery and Equipment Act

Bill: 114-hr-4474
Sponsor: full_name: Rep. Abraham, Ralph Lee [R-LA-5]
Introduced: 2016-02-04
Policy area: Taxation
Subjects: Agricultural equipment and machinery

Business investment and capital

Income tax deductions
Latest action: action_date: 2016-02-04
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2016-02-04
action_desc: Introduced in House
text: <p><strong>Fairness for Agricultural Machinery and Equipment Act</strong></p> <p>This bill amends the Internal Revenue Code to eliminate the placed-in-service restriction on the depreciation of certain farming business machinery and equipment and to make permanent the five-year recovery period for such property.</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 4474 IN THE HOUSE OF REPRESENTATIVES February 4, 2016 Mr. Abraham (for himself, Mr. Denham , Mr. Crawford , Mr. Kind , Mr. Lucas , Mr. Bishop of Georgia , Mr. Ashford , Mr. Pompeo , and Mr. Blum ) 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 treat certain farming business machinery and equipment as 5-year property for purposes of depreciation.

1. Short title This Act may be cited as the Fairness for Agricultural Machinery and Equipment Act . 2. Certain farming business machinery and equipment treated as 5-year property (a) In general Clause (vii) of section 168(e)(3)(B) of the Internal Revenue Code of 1986 is amended by striking the original use of which commences with the taxpayer after December 31, 2008, and which is placed in service before January 1, 2010 and inserting the original use of which commences with the taxpayer after the date of the enactment of the Fairness for Agricultural Machinery and Equipment Act . (b) Effective date The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.