HR 3455
115th Congress
House
Taxation
Agricultural equipment and machinery
Business investment and capital
Income tax deductions
Fairness for Agricultural Machinery and Equipment Act
Introduced: July 27, 2017
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 27, 2017
Referred to the House Committee on Ways and Means.
Jul 27, 2017
Introduced in House
Plain-English summary
Fairness for Agricultural Machinery and Equipment Act
This bill amends the Internal Revenue Code to: (1) make permanent the five-year recovery period for the depreciation of certain farming business machinery and equipment by eliminating the requirement that the property be placed in service before 2010; and (2) expand the machinery and equipment that qualifies as five-year property to include a grain bin, cotton ginning asset, or fence used in a farming business. The original use of the five-year property must commence with the taxpayer after the enactment of this bill.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1