,,ii  ,cal5d> ,no4 #ee #aad? ,,congress 
#a/ ,session  ,h4 ,r4 #fcf  ,,9 ,,!     
,,s5ate ,,( ,,! ,,unit$ ,,/ates         
,febru>y #bc1 #bjae,receiv$  ,april #af1
 #bjae,read ! fir/ "t  ,april #bj1      
#bjae,read ! second "t & plac$ on !     
cal5d>  ,,an ,,act  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to p]man5tly ext5d
 increas$ exp5s+ limitations1 & = o!r   
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,am]ica's ,small ,bus9ess  
,tax ,relief ,act ( #bjae4  #b4 ,exp5s+ 
c]ta9 depreciable bus9ess assets = small
 bus9ess  7a7 ,9 g5]al  7#a7 ,doll>     
limitation ,section #agi7;b77#a7 ( !    
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ %all n exce$-- & all t foll[s &
 ins]t+ %all n exce$ #ejj1jjj44  7#b7   
,r$uction 9 limitation ,section         
#agi7;b77#b7 ( su* ,code is am5d$ by    
/rik+ exce$s-- & all t foll[s & ins]t+  
exce$s #b1jjj1jjj44  7b7 ,comput] s(tw>e
 ,section #agi7;d77#a77;,a77ii7 ( su*   
,code is am5d$ by /rik+ 1 to :i* section
 #afg applies1 & :i* is plac$ 9 s]vice 9

 a taxable ye> beg9n+ aft] #bjjb & be=e 
#bjae & ins]t+ & to :i* section #afg    
applies4  7c7 ,election ,section        
#agi7;c77#b7 ( su* ,code is am5d$-- 7#a7
 by /rik+ may n be revok$ & all t foll[s
 ?r\gh & be=e #bjae2 &  7#b7 by /rik+   
irrevocable 9 ! head+ !re(4  7d7 ,air   
condition+ & heat+ units ,section       
#agi7;d77#a7 ( su* ,code is am5d$ by    
/rik+ & %all n include air condition+ or
 heat+ units4  7e7 ,qualifi$ real       
prop]ty ,section #agi7;f7 ( su* ,code is
 am5d$-- 7#a7 by /rik+ beg9n+ aft] #bjji
 & be=e #bjae 9 p>agraph 7#a72 &  7#b7  
by /rik+ p>agraphs 7#c7 & 7#d74  7f7    
,inflation adju/m5t ,section #agi7;b7 ( 
su* ,code is am5d$ by add+ at ! end !   
foll[+ new p>agraph3  7#f7 ,inflation   
adju/m5t  7,a7 ,9 g5]al ,9 ! case ( any 
taxable ye> beg9n+ aft] #bjae1 ! doll>  
am\nts 9 p>agraphs 7#a7 & 7#b7 %all ea* 
be increas$ by an am\nt equal to--  7i7 
su* doll> am\nt1 multipli$ by  7ii7 !   
co/-(-liv+ adju/m5t det]m9$ "u section  
#a7;f77#c7 = ! cal5d> ye> 9 :i* !       

taxable ye> beg9s1 det]m9$ by sub/itut+ 
cal5d> ye> #bjad = cal5d> ye> #aiib 9   
subp>agraph 7,b7 !re(4  7,b7 ,r\nd+ ,!  
am\nt ( any increase "u subp>agraph 7,a7
 %all be r\nd$ to ! ne>e/ multiple (    
#aj1jjj4  4  7g7 ,effective date ,!     
am5dm5ts made by ?is section %all apply 
to taxable ye>s beg9n+ aft] ,decemb]    
#ca1 #bjad4  #c4 ,r$uc$ recognition     
p]iod = built-9 ga9s ( ,s corporations  
made p]man5t  7a7 ,9 g5]al ,p>agraph    
7#g7 ( section #acgd7;d7 ( ! ,int]nal   
,rev5ue ,code ( #aihf is am5d$ to read z
 foll[s3  7#g7 ,recognition p]iod  7,a7 
,9 g5]al ,! t]m recognition p]iod means 
! #e-ye> p]iod beg9n+ ) ! fir/ day ( !  
fir/ taxable ye> = :i* ! corporation 0  
an ,s corporation4 ,= purposes ( apply+ 
?is section to any am\nt includible 9   
income by reason ( di/ributions to      
%>ehold]s pursuant to section #eic7;e71 
! prec$+ s5t5ce %all be appli$ )\t reg>d
 to ! phrase #e-ye>4  7,b7 ,in/allm5t   
sales ,if an ,s corporation sells an    
asset & reports ! income f ! sale us+ ! 

in/allm5t me?od "u section #dec1 !      
treatm5t ( all paym5ts receiv$ %all be  
gov]n$ by ! provisions ( ?is p>agraph   
applicable to ! taxable ye> 9 :i* su*   
sale 0 made4  4  7b7 ,effective date ,! 
am5dm5t made by ?is section %all apply  
to taxable ye>s beg9n+ aft] ,decemb]    
#ca1 #bjad4  #d4 ,p]man5t rule reg>d+   
basis adju/m5t to /ock ( ,s corporations
 mak+ *>itable contributions ( prop]ty  
7a7 ,9 g5]al ,section #acfg7;a77#b7 ( ! 
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ ! la/ s5t5ce4  7b7 ,effective  
date ,! am5dm5t made by ?is section %all
 apply to contributions made 9 taxable  
ye>s beg9n+ aft] ,decemb] #ca1 #bjad4   
#e4 ,budget>y effects ,! budget>y       
effects ( ?is ,act %all n be ent]$ on   
ei!r ,,paygo scorec>d ma9ta9$ pursuant  
to section #d7;d7 ( ! ,/atutory         
,pay-,z-,y-,g ,act ( #bjaj4  ,pass$ !   
,h\se ( ,repres5tatives ,febru>y #ac1   
#bjae4,k>5 ,l4 ,haas1,cl]k  ,april #bj1 
#bjae,read ! second "t & plac$ on !     
cal5d>