[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4940 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4940

  To amend the Internal Revenue Code of 1986 to permanently extend 15-
    year straight-line cost recovery and section 179 expensing for 
    qualified leasehold improvement property, qualified restaurant 
          property, and qualified retail improvement property.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 23, 2014

   Ms. Meng 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 permanently extend 15-
    year straight-line cost recovery and section 179 expensing for 
    qualified leasehold improvement property, qualified restaurant 
          property, and qualified retail improvement property.

    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 ``Tax Equality for Entrepreneurs 
Act''.

SEC. 2. PERMANENT EXTENSION OF CERTAIN TAX INCENTIVES FOR QUALIFIED 
              LEASEHOLD IMPROVEMENT PROPERTY, QUALIFIED RESTAURANT 
              PROPERTY, AND QUALIFIED RETAIL IMPROVEMENT PROPERTY.

    (a) 15-Year Straight-Line Cost Recovery.--Section 168(e)(3)(E) of 
the Internal Revenue Code of 1986 is amended--
            (1) by striking ``placed in service before January 1, 
        2014'' in clauses (iv) and (v), and
            (2) by striking ``placed in service after December 31, 
        2008, and before January 1, 2014'' in clause (ix).
    (b) Section 179 Expensing.--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).
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2013.
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