Bill > HR4718

Introduced Session

Amends the Internal Revenue Code to make permanent the additional 50% depreciation allowance (bonus depreciation) for qualified property placed in service after December 31, 2013. Modifies the definition of "qualified property" to include qualified retail improvement property. Increases by $8,000 (with an annual inflation adjustment after 2014) the maximum allowable depreciation deduction for a passenger automobile (i.e., any 4-wheeled vehicle which is manufactured primarily for use on public streets, roads, and highways and is rated at 6,000 pounds unloaded gross vehicle weight or less). Makes permanent, for taxable years ending after December 31, 2013, the election to increase the alternative minimum tax (AMT) credit limitation in lieu of bonus depreciation. Allows an additional deprecation allowance for a tree or vine bearing fruits or nuts, in the taxable year in which the tree or vine is planted, or grafted to a plant, in the ordinary course of the taxpayer's farming business. Makes such provision applicable to trees and vines planted or grafted after December 31, 2013. Prohibits the entry of the budgetary effects of this Act on any PAYGO (pay-as-you-go) scorecard.

Committee Categories

Patrick Tiberi (R)*,  Diane Black (R),  Charles Boustany (R),  Kevin Brady (R),  Vern Buchanan (R),  Jeff Denham (R),  Cory Gardner (R),  Jim Gerlach (R),  Tim Griffin (R),  Bill Huizenga (R),  Lynn Jenkins (R),  Mike Kelly (R),  John Kline (R),  Kenny Marchant (R),  Randy Neugebauer (R),  Devin Nunes (R),  Erik Paulsen (R),  Gary Peters (D),  Tom Price (R),  Tom Reed (R),  David Reichert (R),  James Renacci (R),  Peter Roskam (R),  Aaron Schock (R),  Pete Sessions (R),  Steve Stivers (R),  Todd Young (R), 

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 465. (on 07/15/2014)

Official Document