H.R. 4822 — Introduced in House

I 113th CONGRESS 2d Session H. R. 4822 IN THE HOUSE OF REPRESENTATIVES June 10, 2014 Mr. Schneider (for himself and Mr. Rice of South Carolina) 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 provide for 100 percent bonus depreciation for manufacturing property. 1. Short title This Act may be cited as the Accelerate Our Manufacturers Act. 2. 100 Percent Bonus for Manufacturing Property (a) In general Section 168(k) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (6) Special rule for manufacturing property (A) In general In the case of qualified manufacturing property, paragraph (1)(A) shall be applied by substituting 100 percent for 50 percent. (B) Qualified manufacturing property For purposes of this paragraph— (i) In general The term qualified manufacturing property means qualified property which— (I) is acquired by the taxpayer after December 31, 2013, and before January 1, 2019, placed in service by the taxpayer before January 1, 2019, and (II) used by a manufacturer to produce an article from new or raw material, or from scrap, salvage, or junk material, by processing or changing the form of an article or by combining or assembling two or more articles. (ii) Certain rules made inapplicable The following provisions shall not apply: (I) Clauses (iii) and (iv) of paragraph (2)(A). (II) Clause (ii) of paragraph (2)(B). . (b) Election To accelerate the AMT Section 168(k)(4) of the Internal Revenue Code of 1986 is amended by adding at the end the following: (K) Special rules for qualified manufacturing property (i) In general In the case of qualified manufacturing property (as defined in paragraph (6)), in applying this paragraph to any taxpayer— (I) the limitation described in subparagraph (B)(i) and the business credit increase amount under subparagraph (E)(iii) thereof shall not apply, and (II) the bonus depreciation amount, maximum amount, and maximum increase amount shall be computed separately. (ii) Election (I) A taxpayer who has an election in effect under any preceding provision of this paragraph shall not be treated as having an election in effect for qualified manufacturing property unless the taxpayer elects to have this paragraph apply to qualified manufacturing property. (II) A taxpayer who does not have an election in effect under any preceding provision of this paragraph may elect to have this paragraph apply to qualified manufacturing property. . (c) Effective date The amendment made by subsection (a) shall apply to property placed in service after December 31, 2013.