[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 1342 Introduced in Senate (IS)]

113th CONGRESS
  1st Session
                                S. 1342

   To amend the Internal Revenue Code of 1986 to permit expensing of 
       certain depreciable business assets for small businesses.


_______________________________________________________________________


                   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.

    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 ``Small Business Investment Promotion 
Act''.

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 $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.
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