IN THE SENATE OF THE UNITED STATES
October 22, 2015
Ms. Klobuchar (for herself, Mr. Roberts, Mr. Schumer, and Mr. Tester) introduced the following bill; which was read twice and referred to the Committee on Finance
To amend the Internal Revenue Code of 1986 to treat certain farming business machinery and equipment as 5-year property for purposes of depreciation.
This Act may be cited as the
Agriculture Equipment and Machinery Depreciation Act.
Certain farming business machinery and equipment treated as 5-year property
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.
The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.