S. 1422 — Introduced in Senate

II 115th CONGRESS 1st Session S. 1422 IN THE SENATE OF THE UNITED STATES June 22, 2017Ms. Klobuchar (for herself, Mr. Roberts, and Mr. Tester) introduced the following bill; which was read twice and referred to the Committee on Finance 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 Agriculture Equipment and Machinery Depreciation 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 by striking the original use of which commences with the taxpayer after December 31, 2008, and which is placed in service before January 1, 2010 and inserting the original use of which commences with the taxpayer after the date of the enactment of the Agriculture Equipment and Machinery Depreciation 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.