Bill > S1342

This bill, titled the Small Business Investment Promotion Act, amends the Internal Revenue Code of 1986 to allow small businesses to immediately deduct (or "expense") the full cost of certain business assets in the year they are purchased, rather than depreciating their value over several years. Specifically, it increases the maximum amount a business can expense to $250,000 and adjusts the threshold at which this benefit begins to phase out to $800,000, with these amounts to be adjusted for inflation in future years. The bill also makes changes related to computer software, the ability to revoke expensing elections, and qualified real property, with these amendments generally applying to tax years beginning after December 31, 2013.