[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4457 Reported in House (RH)]

                                                 Union Calendar No. 320
113th CONGRESS
  2d Session
                                H. R. 4457

                          [Report No. 113-432]

   To amend the Internal Revenue Code of 1986 to permanently extend 
        increased expensing limitations, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 10, 2014

Mr. Tiberi (for himself, Mr. Kind, Mr. Young of Indiana, Mr. Neal, Mr. 
Gerlach, Mr. Danny K. Davis of Illinois, and Mr. Schock) introduced the 
 following bill; which was referred to the Committee on Ways and Means

                              May 2, 2014

    Additional sponsors: Mr. Neugebauer, Mrs. Bustos, Mr. Reed, Mr. 
   Loebsack, Mr. Kelly of Pennsylvania, Mr. Griffin of Arkansas, Mr. 
 Ribble, Mr. Smith of Nebraska, Mr. Cramer, Mr. Smith of Missouri, and 
                         Mr. Murphy of Florida

                              May 2, 2014

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]


_______________________________________________________________________

                                 A BILL


 
   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,

<DELETED>SECTION 1. SHORT TITLE.</DELETED>

<DELETED>    This Act may be cited as the ``America's Small Business 
Tax Relief Act of 2014''.</DELETED>

<DELETED>SEC. 2. EXPENSING CERTAIN DEPRECIABLE BUSINESS ASSETS FOR 
              SMALL BUSINESS.</DELETED>

<DELETED>    (a) In General.--</DELETED>
        <DELETED>    (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.''.</DELETED>
        <DELETED>    (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.''.</DELETED>
<DELETED>    (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''.</DELETED>
<DELETED>    (c) Election.--Paragraph (2) of section 179(c) of such 
Code is amended--</DELETED>
        <DELETED>    (1) by striking ``may not be revoked'' and all 
        that follows through ``and before 2014'', and</DELETED>
        <DELETED>    (2) by striking ``irrevocable'' in the heading 
        thereof.</DELETED>
<DELETED>    (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''.</DELETED>
<DELETED>    (e) Qualified Real Property.--Section 179(f) of such Code 
is amended--</DELETED>
        <DELETED>    (1) by striking ``beginning in 2010, 2011, 2012, 
        or 2013'' in paragraph (1), and</DELETED>
        <DELETED>    (2) by striking paragraphs (3) and (4).</DELETED>
<DELETED>    (f) Inflation Adjustment.--Subsection (b) of section 179 
of such Code is amended by adding at the end the following new 
paragraph:</DELETED>
        <DELETED>    ``(6) Inflation adjustment.--</DELETED>
                <DELETED>    ``(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--</DELETED>
                        <DELETED>    ``(i) such dollar amount, 
                        multiplied by</DELETED>
                        <DELETED>    ``(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.</DELETED>
                <DELETED>    ``(B) Rounding.--The amount of any 
                increase under subparagraph (A) shall be rounded to the 
                nearest multiple of $10,000.''.</DELETED>
<DELETED>    (g) Effective Date.--The amendments made by this section 
shall apply to taxable years beginning after December 31, 
2013.</DELETED>

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.
                                                 Union Calendar No. 320

113th CONGRESS

  2d Session

                               H. R. 4457

                          [Report No. 113-432]

_______________________________________________________________________

                                 A BILL

   To amend the Internal Revenue Code of 1986 to permanently extend 
        increased expensing limitations, and for other purposes.

_______________________________________________________________________

                              May 2, 2014

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed