,,ii  ,calendar ,no4 #ee #aadth         
,,congress  #ast ,session  ,h4 ,r4 #fcf 
,,in ,,the ,,senate ,,of ,,the ,,united 
,,states  ,february #bc1 #bjae,received 
,april #af1 #bjae,read the first time   
,april #bj1 #bjae,read the second time  
and placed on the calendar  ,,an ,,act  
,to amend the ,internal ,revenue ,code  
of #aihf to permanently extend increased
 expensing limitations1 and for other   
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,america's ,small   
,business ,tax ,relief ,act of #bjae4   
#b4 ,expensing certain depreciable      
business assets for small business  7a7 
,in general  7#a7 ,dollar limitation    
,section #agi7;b77#a7 of the ,internal  
,revenue ,code of #aihf is amended by   
striking shall not exceed-- and all that
 follows and inserting shall not exceed 
#ejj1jjj44  7#b7 ,reduction in          
limitation ,section #agi7;b77#b7 of such
 ,code is amended by striking exceeds-- 
and all that follows and inserting      
exceeds #b1jjj1jjj44  7b7 ,computer     

software ,section #agi7;d77#a77;,a77ii7 
of such ,code is amended by striking 1  
to which section #afg applies1 and which
 is placed in service in a taxable year 
beginning after #bjjb and before #bjae  
and inserting and to which section #afg 
applies4  7c7 ,election ,section        
#agi7;c77#b7 of such ,code is amended-- 
7#a7 by striking may not be revoked and 
all that follows through and before     
#bjae2 and  7#b7 by striking irrevocable
 in the heading thereof4  7d7 ,air      
conditioning and heating units ,section 
#agi7;d77#a7 of such ,code is amended by
 striking and shall not include air     
conditioning or heating units4  7e7     
,qualified real property ,section       
#agi7;f7 of such ,code is amended-- 7#a7
 by striking beginning after #bjji and  
before #bjae in paragraph 7#a72 and     
7#b7 by striking paragraphs 7#c7 and    
7#d74  7f7 ,inflation adjustment        
,section #agi7;b7 of such ,code is      
amended by adding at the end the        
following new paragraph3  7#f7          

,inflation adjustment  7,a7 ,in general 
,in the case of any taxable year        
beginning after #bjae1 the dollar       
amounts in paragraphs 7#a7 and 7#b7     
shall each be increased by an amount    
equal to--  7i7 such dollar amount1     
multiplied by  7ii7 the cost-of-living  
adjustment determined under section     
#a7;f77#c7 for the calendar year in     
which the taxable year begins1          
determined by substituting calendar year
 #bjad for calendar year #aiib in       
subparagraph 7,b7 thereof4  7,b7        
,rounding ,the amount of any increase   
under subparagraph 7,a7 shall be rounded
 to the nearest multiple of #aj1jjj4  4 
7g7 ,effective date ,the amendments made
 by this section shall apply to taxable 
years beginning after ,december #ca1    
#bjad4  #c4 ,reduced recognition period 
for built-in gains of ,s corporations   
made permanent  7a7 ,in general         
,paragraph 7#g7 of section #acgd7;d7 of 
the ,internal ,revenue ,code of #aihf is
 amended to read as follows3  7#g7      

,recognition period  7,a7 ,in general   
,the term recognition period means the  
#e-year period beginning with the first 
day of the first taxable year for which 
the corporation was an ,s corporation4  
,for purposes of applying this section  
to any amount includible in income by   
reason of distributions to shareholders 
pursuant to section #eic7;e71 the       
preceding sentence shall be applied     
without regard to the phrase #e-year4   
7,b7 ,installment sales ,if an ,s       
corporation sells an asset and reports  
the income from the sale using the      
installment method under section #dec1  
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 made4  4   
7b7 ,effective date ,the amendment made 
by this section shall apply to taxable  
years beginning after ,december #ca1    
#bjad4  #d4 ,permanent rule regarding   
basis adjustment to stock of ,s         
corporations making charitable          

contributions of property  7a7 ,in      
general ,section #acfg7;a77#b7 of the   
,internal ,revenue ,code of #aihf is    
amended by striking the last sentence4  
7b7 ,effective date ,the amendment made 
by this section shall apply to          
contributions made in taxable years     
beginning after ,december #ca1 #bjad4   
#e4 ,budgetary effects ,the budgetary   
effects of this ,act shall not be       
entered on either ,,paygo scorecard     
maintained pursuant to section #d7;d7 of
 the ,statutory ,pay-,as-,you-,go ,act  
of #bjaj4  ,passed the ,house of        
,representatives ,february #ac1         
#bjae4,karen ,l4 ,haas1,clerk  ,april   
#bj1 #bjae,read the second time and     
placed on the calendar