H.R. 3933 · 114th Congress
179 Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
ConawaySponsorNo cosponsors.
This bill amends the Internal Revenue Code, with respect to the taxpayer election to expense depreciable business property (179 property), to make permanent: (1) the increased $500,000 limitation on the amount of such property eligible for expensing; (2) a $2 million threshold for depreciable property, after which the amount of the expensing allowance is…
What it does: CRS summary · Introduced in House · Nov 5, 2015
179 Act
This bill amends the Internal Revenue Code, with respect to the taxpayer election to expense depreciable business property (179 property), to make permanent: (1) the increased $500,000 limitation on the amount of such property eligible for expensing; (2) a $2 million threshold for depreciable property, after which the amount of the expensing allowance is reduced; (3) the expensing of computer software; and (4) the revocability of the expensing election.
The bill also makes permanent the expensing allowance for qualified real property, which includes qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property.The bill allows a carryover of disallowed amounts of qualified real property to taxable years beginning after 2014.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: 179 Act
Latest action (Nov 5, 2015): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Nov 5, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.