Small Business Expensing Act of 2015

Bill: 114-s-1399
Sponsor: full_name: Sen. Bennet, Michael F. [D-CO]
Introduced: 2015-05-20
Policy area: Taxation
Subjects: Business investment and capital

Charitable contributions

Computers and information technology

Income tax deductions

Securities

Small business

Tax administration and collection, taxpayers
Latest action: action_date: 2015-05-20
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2015-05-20
action_desc: Introduced in Senate
text: <p><strong>Small Business Expensing Act of 2015 </strong></p> <p>This bill amends the Internal Revenue Code, with respect to the taxpayer election to expense depreciable business property (section 179 property), to: (1) increase to $1 million the expensing allowance for such property, (2) increase to $2.5 million the threshold amount of such property after which the amount of the expensing allowance is reduced, (3) grant a permanent right to revoke an expensing election, and (4) make such increased allowance permanent after 2014. </p> <p>The allowance is also made permanent for computer software and for qualified real property (i.e., qualified leasehold improvement property, restaurant property, and retail improvement property). </p>

tv_txt: II 114th CONGRESS 1st Session S. 1399 IN THE SENATE OF THE UNITED STATES May 20, 2015 Mr. Bennet 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 permanently extend and increase expensing limitations, and for other purposes.

1. Short title This Act may be cited as the Small Business Expensing Act of 2015 . 2. Expensing certain depreciable business assets for small business (a) In general (1) Dollar limitation Section 179(b)(1) of the Internal Revenue Code of 1986 is amended by striking shall not exceed— and all that follows and inserting shall not exceed $1,000,000. . (2) Reduction in limitation Section 179(b)(2) of such Code is amended by striking exceeds— and all that follows and inserting exceeds $2,500,000. . (b) Computer software Section 179(d)(1)(A)(ii) of the Internal Revenue Code of 1986 is amended by striking , to which section 167 applies, and which is placed in service in a taxable year beginning after 2002 and before 2015 and inserting and to which section 167 applies . (c) Election Section 179(c)(2) of the Internal Revenue Code of 1986 is amended— (1) by striking may not be revoked and all that follows through and before 2015 ; and (2) by striking irrevocable in the heading thereof. (d) Qualified real property Section 179(f) of the Internal Revenue Code of 1986 is amended— (1) by striking beginning after 2009 and before 2015 in paragraph (1); and (2) by striking paragraphs (3) and (4). (e) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2014.