Bill > S1298

This bill proposes to amend the Internal Revenue Code of 1986 to increase the limits on how much businesses can immediately deduct, or "expense," for certain depreciable business assets, which are assets like equipment or machinery that a business uses over time and can deduct the cost of over several years. Specifically, it would raise the maximum amount that can be expensed from $25,000 to $250,000 and adjust a related phase-out threshold from $200,000 to $800,000, meaning businesses can deduct more upfront costs for these assets. These changes would apply to tax years beginning after December 31, 2013.