Fairness for Agricultural Machinery and Equipment Act

Bill: 115-hr-3455
Sponsor: full_name: Rep. Abraham, Ralph Lee [R-LA-5]
Introduced: 2017-07-27
Policy area: Taxation
Subjects: Agricultural equipment and machinery

Business investment and capital

Income tax deductions
Latest action: action_date: 2017-07-27
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2017-07-27
action_desc: Introduced in House
text: <p><b>Fairness for Agricultural Machinery and Equipment Act</b></p> <p> This bill amends the Internal Revenue Code to: (1) make permanent the five-year recovery period for the depreciation of certain farming business machinery and equipment by eliminating the requirement that the property be placed in service before 2010; and (2) expand the machinery and equipment that qualifies as five-year property to include a grain bin, cotton ginning asset, or fence used in a farming business. The original use of the five-year property must commence with the taxpayer after the enactment of this bill.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 3455 IN THE HOUSE OF REPRESENTATIVES July 27, 2017 Mr. Abraham (for himself, Mr. Peterson , and Mr. Crawford ) 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 to read as follows: (vii) any machinery or equipment (including any grain bin, cotton ginning asset, or fence, and excluding any other land improvement) which is used in a farming business (as defined in section 263A(e)(4)) 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.