Bill > S1085

This bill, the Small Business Tax Certainty and Growth Act of 2013, aims to provide tax incentives for small businesses by amending the Internal Revenue Code of 1986. Key provisions include permanently doubling the allowable deductions for start-up expenses, organizational expenses, and syndication fees, increasing the deduction limits from $5,000 to $10,000 and the phase-out thresholds from $50,000 to $60,000. It also clarifies and expands cash accounting rules for small businesses, allowing more businesses to use this simpler method of accounting and increasing the gross receipts threshold for eligibility from $5 million to $10 million, with future inflation adjustments. Furthermore, the bill clarifies inventory rules, exempting qualified small businesses from mandatory inventory accounting and increasing eligibility for simplified inventory methods. It also permanently extends and enhances Section 179 expensing, allowing businesses to deduct more of the cost of qualifying property in the year it's placed in service, with a permanent dollar limitation of $250,000 and a phase-out threshold of $800,000, both subject to inflation adjustments. Finally, the bill extends bonus depreciation, which allows businesses to deduct a larger percentage of the cost of qualifying new or used property, and extends the 15-year straight-line cost recovery for certain qualified improvements to leased property, restaurants, and retail spaces, all generally applying to property placed in service after December 31, 2013.