[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1399 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                S. 1399

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 20, 2015

  Mr. Bennet 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 permanently extend and 
        increase 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 ``Small Business Expensing 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 $1,000,000.''.
            (2) Reduction in limitation.--Section 179(b)(2) of such 
        Code is amended by striking ``exceeds--'' and all that follows 
        and inserting ``exceeds $2,500,000.''.
    (b) Computer Software.--Section 179(d)(1)(A)(ii) of the Internal 
Revenue Code of 1986 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 the Internal Revenue Code of 
1986 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) Qualified Real Property.--Section 179(f) of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``beginning after 2009 and before 2015'' in 
        paragraph (1); and
            (2) by striking paragraphs (3) and (4).
    (e) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2014.
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