H.R. 3455 — Introduced in House

I 115th CONGRESS 1st Session H. R. 3455 IN THE HOUSE OF REPRESENTATIVES July 27, 2017Mr. Abraham (for himself, Mr. Peterson, and Mr. Crawford) 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 treat certain farming business machinery and equipment as 5-year property for purposes of depreciation. 1. Short title This Act may be cited as the Fairness for Agricultural Machinery and Equipment Act. 2. Certain farming business machinery and equipment treated as 5-year property (a) In general Clause (vii) of section 168(e)(3)(B) of the Internal Revenue Code of 1986 is amended to read as follows: (vii) any machinery or equipment (including any grain bin, cotton ginning asset, or fence, and excluding any other land improvement) which is used in a farming business (as defined in section 263A(e)(4)) the original use of which commences with the taxpayer after the date of the enactment of the Fairness for Agricultural Machinery and Equipment Act. . (b) Effective date The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.