Bill > S1834

This bill, by amending the Internal Revenue Code of 1986, aims to make permanent the existing depreciation rules that apply to property used primarily within an Indian reservation, meaning that businesses operating on these reservations can continue to benefit from these specific tax deductions indefinitely. Depreciation is a tax deduction that allows businesses to recover the cost of certain assets over their useful life, and these special rules are intended to encourage economic development on Indian reservations. The bill achieves this by removing a specific paragraph from the tax code that would have otherwise limited these rules, and the change will apply to property put into service after December 31, 2013.