S. 1399 · 114th Congress
Small Business Expensing Act of 2015
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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.
D
BennetSponsorNo cosponsors.
This bill amends the Internal Revenue Code, with respect to the taxpayer election to expense depreciable business property (section 179 property), to: (1) increase to $1 million the expensing allowance for such property, (2) increase to $2.5 million the threshold amount of such property after which the amount of the expensing allowance is reduced, (3) grant…
What it does: CRS summary · Introduced in Senate · May 20, 2015
Small Business Expensing Act of 2015
This bill amends the Internal Revenue Code, with respect to the taxpayer election to expense depreciable business property (section 179 property), to: (1) increase to $1 million the expensing allowance for such property, (2) increase to $2.5 million the threshold amount of such property after which the amount of the expensing allowance is reduced, (3) grant a permanent right to revoke an expensing election, and (4) make such increased allowance permanent after 2014.
The allowance is also made permanent for computer software and for qualified real property (i.e., qualified leasehold improvement property, restaurant property, and retail improvement property).
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Small Business Expensing Act of 2015
Latest action (May 20, 2015): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: May 20, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.