Bill > S1399

This bill, known as the Small Business Expensing Act of 2015, aims to permanently increase and extend the ability for small businesses to immediately deduct the cost of certain business assets, a process called expensing, under Section 179 of the Internal Revenue Code of 1986. Specifically, it raises the maximum amount a business can expense to $1,000,000 and sets the threshold at which this deduction begins to phase out at $2,500,000. The bill also removes time limitations on expensing computer software and makes elections to expense assets, including qualified real property, no longer irrevocable and applicable beyond 2015, with these changes taking effect for taxable years beginning after December 31, 2014.