H.R. 4457 — Reported in House

IB Union Calendar No. 320 113th CONGRESS 2d Session H. R. 4457 [Report No. 113–432] IN THE HOUSE OF REPRESENTATIVES April 10, 2014 Mr. Tiberi (for himself, Mr. Kind, Mr. Young of Indiana, Mr. Neal, Mr. Gerlach, Mr. Danny K. Davis of Illinois, and Mr. Schock) introduced the following bill; which was referred to the Committee on Ways and Means May 2, 2014 Additional sponsors: Mr. Neugebauer, Mrs. Bustos, Mr. Reed, Mr. Loebsack, Mr. Kelly of Pennsylvania, Mr. Griffin of Arkansas, Mr. Ribble, Mr. Smith of Nebraska, Mr. Cramer, Mr. Smith of Missouri, and Mr. Murphy of Florida May 2, 2014 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic A BILL To amend the Internal Revenue Code of 1986 to permanently extend increased expensing limitations, and for other purposes. 1. Short title This Act may be cited as the America’s Small Business Tax Relief Act of 2014. 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 $500,000.. (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 $2,000,000.. (b) Computer software Clause (ii) of section 179(d)(1)(A) 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 2014 and inserting and to which section 167 applies. (c) Election Paragraph (2) of section 179(c) of such Code is amended— (1) by striking may not be revoked and all that follows through and before 2014, and (2) by striking irrevocable in the heading thereof. (d) Air conditioning and heating units Paragraph (1) of section 179(d) 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 in 2010, 2011, 2012, or 2013 in paragraph (1), and (2) by striking paragraphs (3) and (4). (f) 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(c)(2)(A) for such calendar year, determined by substituting calendar year 2013 for calendar year 2012 in clause (ii) 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, 2013. 1. Short title This Act may be cited as the America’s Small Business Tax Relief Act of 2014. 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 $500,000.. (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 $2,000,000.. (b) Computer software Clause (ii) of section 179(d)(1)(A) 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 2014 and inserting and to which section 167 applies. (c) Election Paragraph (2) of section 179(c) of such Code is amended— (1) by striking may not be revoked and all that follows through and before 2014, and (2) by striking irrevocable in the heading thereof. (d) Air conditioning and heating units Paragraph (1) of section 179(d) of such Code is amended by striking and shall not include air conditioning or heating units. (e) Qualified real property Subsection (f) of section 179 of such Code is amended— (1) by striking beginning in 2010, 2011, 2012, or 2013 in paragraph (1), and (2) by striking paragraphs (3) and (4). (f) 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(c)(2)(A) for such calendar year, determined by substituting calendar year 2013 for calendar year 2012 in clause (ii) 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, 2013. May 2, 2014 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed