,i  #aadth ,,congress  #ast ,session    
,h4 ,r4 #cicc  ,,in ,,the ,,house ,,of  
,,representatives  ,november #e1 #bjae  
,mr4 ,conaway introduced the following  
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to make permanent the   
expensing limitations and treatment of  
certain real property as section #agi   
property1 and for other purposes4  #a4  
,short title ,this ,act may be cited as 
the #agi ,act4  #b4 ,extension of       
increased expensing limitations and     
treatment of certain real property as   
section #agi property  7a7 ,in general  
7#a7 ,dollar limitation ,section        
#agi7;b77#a7 of the ,internal ,revenue  
,code of #aihf is amended to read as    
follows3  7#a7 ,dollar limitation ,the  
aggregate cost which may be taken into  
account under subsection 7a7 for any    
taxable year shall not exceed #ejj1jjj4 
4  7#b7 ,reduction in limitation        
,section #agi7;b77#b7 of such ,code is  

amended to read as follows3  7#b7       
,reduction in limitation ,the limitation
 under paragraph 7#a7 for any taxable   
year shall be reduced 7but not below    
zero7 by the amount by which the cost of
 section #agi property placed in service
 during such taxable year exceeds       
#b1jjj1jjj4  4  7b7 ,computer software  
,section #agi7;d77#a77;,a77ii7 of such  
,code is amended by striking and before 
#bjae4  7c7 ,election ,section          
#agi7;c77#b7 of such ,code is amended by
 striking and before #bjae4  7d7        
,special rules for treatment of         
qualified real property  7#a7 ,in       
general ,section #agi7;f77#a7 of such   
,code is amended by striking and before 
#bjae4  7#b7 ,carryover limitation      
,section #agi7;f77#d7 of such ,code is  
amended to read as follows3  7#d7       
,carryover limitation ,for purposes of  
applying this paragraph and subsection  
7b77#c77;,b7 to any taxable year1 the   
amount which is disallowed under        
subsection 7b77#c77;,a7 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--  7,a7 the aggregate 
amount attributable to qualified real   
property placed in service during such  
taxable year1 increased by the portion  
of any amount carried over to such      
taxable year from a prior taxable year  
which is attributable to such property1 
bears to  7,b7 the total amount of      
section #agi property placed in service 
during such taxable year1 increased by  
the aggregate amount carried over to    
such taxable year from any prior taxable
 year4  ,for purposes of the preceding  
sentence1 only section #agi property    
with respect to which an election was   
made under subsection 7c77#a7 shall be  
taken into account4  4  7e7 ,time when  
property treated as placed in service   
for #bjaf ,section #agi7;d7 of such     
,code is amended by adding at the end   
the following3  7#aa7 ,time when        
property treated as placed in service   

,for purposes of this section1 section  
#agi property placed in service during  
the first quarter of the first taxable  
year beginning in #bjaf 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 7c74  4   
7f7 ,effective date ,the amendments made
 by this section shall apply to taxable 
years beginning after ,december #ca1    
#bjad4