H. R. 3213
IN THE HOUSE OF REPRESENTATIVES
July 23, 2015
Mr. Williams introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to make 100 percent bonus depreciation permanent.
This Act may be cited as the
Fixed Asset Relief Act of 2015.
Bonus depreciation increased to 100 percent and made permanent
Section 168(k)(1)(A) of the Internal Revenue Code of 1986 is amended by striking
50 percent and inserting
Section 168(k)(2) of the Internal Revenue Code of 1986 is amended to read as follows:
For purposes of this subsection—
qualified property means property—
to which this section applies which has a recovery period of 20 years or less,
which is computer software (as defined in section 167(f)(1)(B)) for which a deduction is allowable under section 167(a) without regard to this subsection,
which is water utility property, or
which is qualified leasehold improvement property, and
the original use of which commences with the taxpayer.
Exception for alternative depreciation property
qualified property shall not include any property to which the alternative depreciation system under subsection (g) applies, determined—
without regard to paragraph (7) of subsection (g) (relating to election to have system apply), and
after application of section 280F(b) (relating to listed property with limited business use).
For purposes of clause (ii) and subparagraph (A)(ii), if property is—
originally placed in service by a person, and
sold and leased back by such person within 3 months after the date such property was originally placed in service,
For purposes of subparagraph (A)(ii), if—
property is originally placed in service by the lessor of such property,
such property is sold by such lessor or any subsequent purchaser within 3 months after the date such property was originally placed in service (or, in the case of multiple units of property subject to the same lease, within 3 months after the date the final unit is placed in service, so long as the period between the time the first unit is placed in service and the time the last unit is placed in service does not exceed 12 months), and
the user of such property after the last sale during such 3-month period remains the same as when such property was originally placed in service,
Coordination with section 280F
For purposes of section 280F—
In the case of a passenger automobile (as defined in section 280F(d)(5)) which is qualified property, the Secretary shall increase the limitation under section 280F(a)(1)(A)(i) by $8,000.
The deduction allowable under paragraph (1) shall be taken into account in computing any recapture amount under section 280F(b)(2).
In the case of any taxable year beginning in a calendar year after 2015, the $8,000 amount in clause (i) shall be increased by an amount equal to—
such dollar amount, multiplied by
the automobile price inflation adjustment determined under section 280F(d)(7)(B)(i) for the calendar year in which such taxable year begins by substituting
1987 in subclause (II) thereof.
Deduction allowed in computing minimum tax
For purposes of determining alternative minimum taxable income under section 55, the deduction under section 167 for qualified property shall be determined without regard to any adjustment under section 56.
The amendments made by this section shall apply to property placed in service after December 31, 2014.