H.R.4718 - To amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation.113th Congress (2013-2014)
|Sponsor:||Rep. Tiberi, Patrick J. [R-OH-12] (Introduced 05/22/2014)|
|Committees:||House - Ways and Means|
|Committee Reports:||H. Rept. 113-509|
|Latest Action:||07/15/2014 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 465. (All Actions)|
|Major Recorded Votes:||07/11/2014 : Passed House|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.4718 — 113th Congress (2013-2014)All Bill Information (Except Text)
Passed House amended (07/11/2014)
Amends the Internal Revenue Code to make permanent the additional 50% depreciation allowance (bonus depreciation) for qualified property placed in service after December 31, 2013. Modifies the definition of "qualified property" to include qualified retail improvement property. Increases by $8,000 (with an annual inflation adjustment after 2014) the maximum allowable depreciation deduction for a passenger automobile (i.e., any 4-wheeled vehicle which is manufactured primarily for use on public streets, roads, and highways and is rated at 6,000 pounds unloaded gross vehicle weight or less).
Makes permanent, for taxable years ending after December 31, 2013, the election to increase the alternative minimum tax (AMT) credit limitation in lieu of bonus depreciation.
Allows an additional deprecation allowance for a tree or vine bearing fruits or nuts, in the taxable year in which the tree or vine is planted, or grafted to a plant, in the ordinary course of the taxpayer's farming business. Makes such provision applicable to trees and vines planted or grafted after December 31, 2013.
Prohibits the entry of the budgetary effects of this Act on any PAYGO (pay-as-you-go) scorecard.