HR 3318
114th Congress
House
Taxation
Accounting and auditing
Administrative law and regulatory procedures
Business investment and capital
Department of the Treasury
Income tax deductions
Internal Revenue Service (IRS)
Reducing Tax Preparation Burdens for American Investments and Repairs Act
Introduced: July 29, 2015
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 29, 2015
Referred to the House Committee on Ways and Means.
Jul 29, 2015
Introduced in House
Plain-English summary
Reducing Tax Preparation Burdens for American Investments and Repairs Act
This bill directs the Department of the Treasury to amend Treasury regulations relating to the election of a taxpayer to expense in the current taxable year certain depreciable business assets that would otherwise be capitalized and depreciated over a period of time. Current regulations provide for a safe harbor rule that allows expensing of such assets that do not exceed $500 per invoice for taxpayers without applicable financial statements. This bill would increase the safe harbor threshold to $2,500 per invoice for such taxpayers for taxable years beginning after 2015.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1