Full Expensing Act of 2015

Bill: 114-s-2350
Sponsor: full_name: Sen. Paul, Rand [R-KY]
Introduced: 2015-12-03
Policy area: Taxation
Subjects: Business investment and capital

Computers and information technology

Income tax deductions
Latest action: action_date: 2015-12-03
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2015-12-03
action_desc: Introduced in Senate
text: <p><strong>Full Expensing Act of 2015</strong> </p> <p>This bill amends the Internal Revenue Code to expand the expensing allowance for certain depreciable business property (section 179 property)&nbsp;by: (1) redefining "section 179 property" to include tangible property or computer software that is acquired by purchase for use in a trade or business or for the production of income, and (2) repealing the dollar limitation on the amount of such property that may be deducted as an expense in the current taxable year. </p>

tv_txt: II 114th CONGRESS 1st Session S. 2350 IN THE SENATE OF THE UNITED STATES December 3, 2015 Mr. Paul 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 provide for full expensing of tangible property.

1. Short title This Act may be cited as the Full Expensing Act of 2015 . 2. Permanent expansion of election to expense certain depreciable assets (a) Expansion of types of property subject to election Paragraph (1) of section 179(d) of the Internal Revenue Code of 1986 is amended to read as follows: (1) Section 179 property For purposes of this section, the term section 179 property means property— (A) which is— (i) tangible property, or (ii) computer software (as defined in section 197(e)(3)(B)) which is described in section 197(e)(3)(A)(i), (B) which is acquired by purchase— (i) for use in a trade or business, or (ii) for the production of income, and (C) which was originally placed in service after the date of the enactment of the Full Expensing Act of 2015 . . (b) Repeal of dollar limitations Section 179 of the Internal Revenue Code of 1986 is amended by striking subsection (b). (c) Conforming amendments Section 179 of such Code is amended— (1) in subsection (c)(2), by striking and before 2015 , and (2) by striking subsections (e) and (f). (d) Effective date The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.