[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4457 Placed on Calendar Senate (PCS)]
Calendar No. 434
113th CONGRESS
2d Session
H. R. 4457
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 16, 2014
Received; read the first time
June 17, 2014
Read the second time and placed on the calendar
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to permanently extend
increased expensing limitations, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``America's Small Business Tax Relief
Act of 2014''.
SEC. 2. EXPENSING CERTAIN DEPRECIABLE BUSINESS ASSETS FOR SMALL
BUSINESS.
(a) In General.--
(1) Dollar limitation.--Paragraph (1) of section 179(b) of
the Internal Revenue Code of 1986 is amended by striking
``shall not exceed--'' and all that follows and inserting
``shall not exceed $500,000.''.
(2) Reduction in limitation.--Paragraph (2) of section
179(b) of such Code is amended by striking ``exceeds--'' and
all that follows and inserting ``exceeds $2,000,000.''.
(b) Computer Software.--Clause (ii) of section 179(d)(1)(A) of such
Code is amended by striking ``, to which section 167 applies, and which
is placed in service in a taxable year beginning after 2002 and before
2014'' and inserting ``and to which section 167 applies''.
(c) Election.--Paragraph (2) of section 179(c) of such Code is
amended--
(1) by striking ``may not be revoked'' and all that follows
through ``and before 2014'', and
(2) by striking ``irrevocable'' in the heading thereof.
(d) Air Conditioning and Heating Units.--Paragraph (1) of section
179(d) of such Code is amended by striking ``and shall not include air
conditioning or heating units''.
(e) Qualified Real Property.--Subsection (f) of section 179 of such
Code is amended--
(1) by striking ``beginning in 2010, 2011, 2012, or 2013''
in paragraph (1), and
(2) by striking paragraphs (3) and (4).
(f) Inflation Adjustment.--Subsection (b) of section 179 of such
Code is amended by adding at the end the following new paragraph:
``(6) Inflation adjustment.--
``(A) In general.--In the case of any taxable year
beginning after 2014, the dollar amounts in paragraphs
(1) and (2) shall each be increased by an amount equal
to--
``(i) such dollar amount, multiplied by
``(ii) the cost-of-living adjustment
determined under section 1(c)(2)(A) for such
calendar year, determined by substituting
`calendar year 2013' for `calendar year 2012'
in clause (ii) thereof.
``(B) Rounding.--The amount of any increase under
subparagraph (A) shall be rounded to the nearest
multiple of $10,000.''.
(g) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2013.
SEC. 3. BUDGETARY EFFECTS.
(a) Statutory Pay-As-You-Go Scorecards.--The budgetary effects of
this Act shall not be entered on either PAYGO scorecard maintained
pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010.
(b) Senate PAYGO Scorecards.--The budgetary effects of this Act
shall not be entered on any PAYGO scorecard maintained for purposes of
section 201 of S. Con. Res. 21 (110th Congress).
Passed the House of Representatives June 12, 2014.
Attest:
KAREN L. HAAS,
Clerk.
Calendar No. 434
113th CONGRESS
2d Session
H. R. 4457
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to permanently extend
increased expensing limitations, and for other purposes.
_______________________________________________________________________
June 17, 2014
Read the second time and placed on the calendar