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S 1399 114th Congress Senate Taxation Business investment and capital Charitable contributions Computers and information technology Income tax deductions Securities Small business Tax administration and collection, taxpayers

Small Business Expensing Act of 2015

Introduced: May 20, 2015 Introduced by: Bennet, Michael F. Democratic · Colorado See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 20, 2015
Read twice and referred to the Committee on Finance.
May 20, 2015
Introduced in Senate
 Plain-English summary Congressional Research Service

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).

What's happening now May 20, 2015

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1