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H.R. 4457 (113th): America’s Small Business Tax Relief Act of 2014

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The text of the bill below is as of Jun 12, 2014 (Passed the House).

Summary of this bill

America’s Small Business Tax Relief Act seeks to broaden the amount and scope of expenses that are tax-deductible for small businesses. It does this by removing the exclusions for certain investments and making permanent different deductions that originated as non-permanent parts of various stimulus plans.

The bill was introduced by Congressmen Pat Tiberi [R-OH12] and Ron Kind [D-WI3] to create “stability for small businesses leading to their growth and expansion” by permanently setting the deduction rules for small businesses. The White House has criticized the bill for lacking offsetting revenue measures to make the bill budget-neutral. The Congressional Budget Office estimated that the effects of the bill would increase the …

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113th CONGRESS

2d Session

H. R. 4457

IN THE HOUSE OF REPRESENTATIVES

AN ACT

To amend the Internal Revenue Code of 1986 to permanently extend increased expensing limitations, and for other purposes.

1.

Short title

This Act may be cited as the America’s Small Business Tax Relief Act of 2014 .

2.

Expensing certain depreciable business assets for small business

(a)

In general

(1)

Dollar limitation

Paragraph (1) of section 179(b) of the Internal Revenue Code of 1986 is amended by striking shall not exceed— and all that follows and inserting shall not exceed $500,000..

(2)

Reduction in limitation

Paragraph (2) of section 179(b) of such Code is amended by striking exceeds— and all that follows and inserting exceeds $2,000,000..

(b)

Computer software

Clause (ii) of section 179(d)(1)(A) of such Code is amended by striking , to which section 167 applies, and which is placed in service in a taxable year beginning after 2002 and before 2014 and inserting and to which section 167 applies.

(c)

Election

Paragraph (2) of section 179(c) of such Code is amended—

(1)

by striking may not be revoked and all that follows through and before 2014, and

(2)

by striking irrevocable in the heading thereof.

(d)

Air conditioning and heating units

Paragraph (1) of section 179(d) of such Code is amended by striking and shall not include air conditioning or heating units.

(e)

Qualified real property

Subsection (f) of section 179 of such Code is amended—

(1)

by striking beginning in 2010, 2011, 2012, or 2013 in paragraph (1), and

(2)

by striking paragraphs (3) and (4).

(f)

Inflation adjustment

Subsection (b) of section 179 of such Code is amended by adding at the end the following new paragraph:

(6)

Inflation adjustment

(A)

In general

In the case of any taxable year beginning after 2014, the dollar amounts in paragraphs (1) and (2) shall each be increased by an amount equal to—

(i)

such dollar amount, multiplied by

(ii)

the cost-of-living adjustment determined under section 1(c)(2)(A) for such calendar year, determined by substituting calendar year 2013 for calendar year 2012 in clause (ii) thereof.

(B)

Rounding

The amount of any increase under subparagraph (A) shall be rounded to the nearest multiple of $10,000.

.

(g)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2013.

3.

Budgetary effects

(a)

Statutory Pay-As-You-Go Scorecards

The budgetary effects of this Act shall not be entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010.

(b)

Senate PAYGO Scorecards

The budgetary effects of this Act shall not be entered on any PAYGO scorecard maintained for purposes of section 201 of S. Con. Res. 21 (110th Congress).

Passed the House of Representatives June 12, 2014.

Karen L. Haas,

Clerk.