[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 636 Engrossed in House (EH)]
114th CONGRESS
1st Session
H. R. 636
_______________________________________________________________________
AN ACT
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,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``America's Small Business Tax Relief
Act of 2015''.
SEC. 2. EXPENSING CERTAIN DEPRECIABLE BUSINESS ASSETS FOR SMALL
BUSINESS.
(a) In General.--
(1) Dollar limitation.--Section 179(b)(1) 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.--Section 179(b)(2) of such
Code is amended by striking ``exceeds--'' and all that follows
and inserting ``exceeds $2,000,000.''.
(b) Computer Software.--Section 179(d)(1)(A)(ii) 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
2015'' and inserting ``and to which section 167 applies''.
(c) Election.--Section 179(c)(2) of such Code is amended--
(1) by striking ``may not be revoked'' and all that follows
through ``and before 2015''; and
(2) by striking ``irrevocable'' in the heading thereof.
(d) Air Conditioning and Heating Units.--Section 179(d)(1) of such
Code is amended by striking ``and shall not include air conditioning or
heating units''.
(e) Qualified Real Property.--Section 179(f) of such Code is
amended--
(1) by striking ``beginning after 2009 and before 2015'' in
paragraph (1); and
(2) by striking paragraphs (3) and (4).
(f) Inflation Adjustment.--Section 179(b) 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 2015, 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,
determined by substituting `calendar year 2014'
for `calendar year 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.''.
(g) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2014.
SEC. 3. REDUCED RECOGNITION PERIOD FOR BUILT-IN GAINS OF S CORPORATIONS
MADE PERMANENT.
(a) In General.--Paragraph (7) of section 1374(d) of the Internal
Revenue Code of 1986 is amended to read as follows:
``(7) Recognition period.--
``(A) In general.--The term `recognition period'
means the 5-year period beginning with the first day of
the first taxable year for which the corporation was an
S corporation. For purposes of applying this section to
any amount includible in income by reason of
distributions to shareholders pursuant to section
593(e), the preceding sentence shall be applied without
regard to the phrase `5-year'.
``(B) Installment sales.--If an S corporation sells
an asset and reports the income from the sale using the
installment method under section 453, the treatment of
all payments received shall be governed by the
provisions of this paragraph applicable to the taxable
year in which such sale was made.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2014.
SEC. 4. PERMANENT RULE REGARDING BASIS ADJUSTMENT TO STOCK OF S
CORPORATIONS MAKING CHARITABLE CONTRIBUTIONS OF PROPERTY.
(a) In General.--Section 1367(a)(2) of the Internal Revenue Code of
1986 is amended by striking the last sentence.
(b) Effective Date.--The amendment made by this section shall apply
to contributions made in taxable years beginning after December 31,
2014.
SEC. 5. BUDGETARY EFFECTS.
The budgetary effects of this Act shall not be entered on either
PAYGO scorecard maintained pursuant to section 4(d) of the Statutory
Pay-As-You-Go Act of 2010.
Passed the House of Representatives February 13, 2015.
Attest:
Clerk.
114th CONGRESS
1st Session
H. R. 636
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to permanently extend
increased expensing limitations, and for other purposes.