Reducing Tax Preparation Burdens for American Investments and Repairs Act

Bill: 114-hr-3318
Sponsor: full_name: Rep. Blum, Rod [R-IA-1]
Introduced: 2015-07-29
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: 2015-07-29
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-07-29
action_desc: Introduced in House
text: <p><strong>Reducing Tax Preparation Burdens for American Investments and Repairs Act</strong></p> <p>This bill directs the Department of the Treasury to amend Treasury regulations relating to the election of a taxpayer to expense in the current taxable year certain depreciable business assets that would otherwise be capitalized and depreciated over a period of time. Current regulations provide for a safe harbor rule that allows expensing of such assets that do not exceed $500 per invoice for taxpayers without applicable financial statements. This bill would increase the safe harbor threshold to $2,500 per invoice for such taxpayers for taxable years beginning after 2015. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 3318 IN THE HOUSE OF REPRESENTATIVES July 29, 2015 Mr. Blum (for himself and Mr. Cramer ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To require the Secretary of the Treasury to modify regulations to increase the amount of the de minimis safe harbor election for exemption from capital expenditures for taxpayers without certain financial statements.

1. Short title This Act may be cited as the Reducing Tax Preparation Burdens for American Investments and Repairs Act . 2. Increase in de minimis safe harbor election for exemptions from capital expenditures for taxpayers without certain financial statements (a) In general Not later than 6 months after the date of the enactment of this Act, the Secretary of the Treasury shall modify Treasury Regulation section 1.263(a)–1(f) (26 C.F.R. 1.263(a)–1(f)) to increase the $500 de minimis rule for taxpayers without applicable financial statements to $2,500. (b) Effective date The revised regulations under this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2015.