113 S1342 IS: Small Business Investment Promotion Act U.S. Senate 2013-07-23 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II 113th CONGRESS 1st Session S. 1342 IN THE SENATE OF THE UNITED STATES July 23, 2013 Mr. Flake (for himself, Mr. Udall of New Mexico, and Mr. Inhofe) 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 permit expensing of certain depreciable business assets for small businesses.

1.

Short title

This Act may be cited as the Small Business Investment Promotion Act.

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 $250,000.. (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 $800,000.. (b)

Computer software

Clause (ii) of section 179(d)(1)(A) of such Code is amended by striking and before 2014. (c)

Election

Paragraph (2) of section 179(c) of such Code is amended by striking may not be revoked and all that follows through and before 2014. (d)

Qualified real property

Section 179(f) of such Code is amended— (1)by striking beginning in 2010, 2011, 2012, or 2013 in paragraph (1), and (2)by striking paragraph (4). (e)

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(f)(3) for the calendar year in which the taxable year begins, by substituting 2013 for 1992 in subparagraph (B) thereof. (B)

Rounding

The amount of any increase under subparagraph (A) shall be rounded to the nearest multiple of $10,000. . (f)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2013.