[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3933 Introduced in House (IH)]

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114th CONGRESS
  1st Session
                                H. R. 3933

   To amend the Internal Revenue Code of 1986 to make permanent the 
expensing limitations and treatment of certain real property as section 
                 179 property, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                            November 5, 2015

 Mr. Conaway 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 make permanent the 
expensing limitations and treatment of certain real property as section 
                 179 property, and for other purposes.

    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 ``179 Act''.

SEC. 2. EXTENSION OF INCREASED EXPENSING LIMITATIONS AND TREATMENT OF 
              CERTAIN REAL PROPERTY AS SECTION 179 PROPERTY.

    (a) In General.--
            (1) Dollar limitation.--Section 179(b)(1) of the Internal 
        Revenue Code of 1986 is amended to read as follows:
            ``(1) Dollar limitation.--The aggregate cost which may be 
        taken into account under subsection (a) for any taxable year 
        shall not exceed $500,000.''.
            (2) Reduction in limitation.--Section 179(b)(2) of such 
        Code is amended to read as follows:
            ``(2) Reduction in limitation.--The limitation under 
        paragraph (1) for any taxable year shall be reduced (but not 
        below zero) by the amount by which the cost of section 179 
        property placed in service during such taxable year exceeds 
        $2,000,000.''.
    (b) Computer Software.--Section 179(d)(1)(A)(ii) of such Code is 
amended by striking ``and before 2015''.
    (c) Election.--Section 179(c)(2) of such Code is amended by 
striking ``and before 2015''.
    (d) Special Rules for Treatment of Qualified Real Property.--
            (1) In general.--Section 179(f)(1) of such Code is amended 
        by striking ``and before 2015''.
            (2) Carryover limitation.--Section 179(f)(4) of such Code 
        is amended to read as follows:
            ``(4) Carryover limitation.--For purposes of applying this 
        paragraph and subsection (b)(3)(B) to any taxable year, the 
        amount which is disallowed under subsection (b)(3)(A) for such 
        taxable year which is attributed to qualified real property 
        shall be the amount which bears the same ratio to the total 
        amount so disallowed as--
                    ``(A) the aggregate amount attributable to 
                qualified real property placed in service during such 
                taxable year, increased by the portion of any amount 
                carried over to such taxable year from a prior taxable 
                year which is attributable to such property, bears to
                    ``(B) the total amount of section 179 property 
                placed in service during such taxable year, increased 
                by the aggregate amount carried over to such taxable 
                year from any prior taxable year.
        For purposes of the preceding sentence, only section 179 
        property with respect to which an election was made under 
        subsection (c)(1) shall be taken into account.''.
    (e) Time When Property Treated as Placed in Service for 2016.--
Section 179(d) of such Code is amended by adding at the end the 
following:
            ``(11) Time when property treated as placed in service.--
        For purposes of this section, section 179 property placed in 
        service during the first quarter of the first taxable year 
        beginning in 2016 by a taxpayer shall be treated as having 
        placed such property in service on the last day of the 
        preceding taxable year if the taxpayer elects such treatment 
        with respect to such preceding taxable year in accordance with 
        subsection (c).''.
    (f) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2014.
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