Agriculture Equipment and Machinery Depreciation Act

Bill: 114-s-1801
Sponsor: full_name: Sen. Klobuchar, Amy [D-MN]
Introduced: 2015-07-16
Policy area: Taxation
Subjects: Agricultural equipment and machinery

Business investment and capital

Income tax deductions
Latest action: action_date: 2015-07-16
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2015-07-16
action_desc: Introduced in Senate
text: <p><strong>Agriculture Equipment and Machinery Depreciation 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: II 114th CONGRESS 1st Session S. 1801 IN THE SENATE OF THE UNITED STATES July 16, 2015 Ms. Klobuchar (for herself and Mr. Schumer ) 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 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 Agriculture Equipment and Machinery Depreciation 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 Agriculture Equipment and Machinery Depreciation 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.