Bill > HR2510

Introduced Session

To amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation. (Sec. 1) This bill amends the Internal Revenue Code to make permanent the additional 50% depreciation allowance, known as bonus depreciation, for depreciable business property (i.e., qualified property) placed in service after December 31, 2014. The term "qualified property" is modified to include qualified improvement property, in lieu of qualified leasehold improvement property, which is defined as any improvement to an interior portion of a building that is nonresidential real property if such improvement is placed in service after the date such building was first placed in service. The bill also increases by $8,000 (with an annual inflation adjustment after 2015) the maximum allowable depreciation deduction for a passenger automobile (i.e., any 4-wheeled vehicle that is manufactured primarily for use on public streets, roads, and highways and is rated at 6,000 pounds unloaded gross vehicle weight or less). The bill also makes permanent the election to increase the alternative minium tax credit limitation in lieu of bonus depreciation for taxable years ending after December 31, 2014. The bill allows an additional depreciation allowance for any specified plant that is planted, or grafted to a plant that has already been planted, by the taxpayer in the ordinary course of the taxpayer's farming business. The term "specified plant" means: (1) any tree or vine that bears fruits or nuts, and (2) any other plant that will have more than one yield of fruits or nuts and that generally has a period of more than two years from the time of planting or grafting to the time at which such plant begins bearing fruits or nuts. This allowance is applicable to specified plants planted or grafted after December 31, 2014. (Sec. 2) The bill prohibits the entry of the budgetary effects of this Act on any PAYGO scorecard maintained pursuant to the Statutory Pay-As-You-Go Act of 2010.

AI Summary

Committee Categories

Patrick Tiberi (R)*,  Ralph Abraham (R),  Brad Ashford (D),  Mike Bishop (R),  Diane Black (R),  Rod Blum (R),  Mike Bost (R),  Charles Boustany (R),  Kevin Brady (R),  Vern Buchanan (R),  Bradley Byrne (R),  Buddy Carter (R),  Mike Coffman (R),  Ryan Costello (R),  Rick Crawford (R),  Robert Dold (R),  Tom Emmer (R),  Garret Graves (R),  George Holding (R),  Bill Huizenga (R),  Lynn Jenkins (R),  Sam Johnson (R),  Mike Kelly (R),  John Kline (R),  Stephen Knight (R),  Brenda Lawrence (D),  David Loebsack (D),  Kenny Marchant (R),  Patrick Meehan (R),  John Moolenaar (R),  Randy Neugebauer (R),  Dan Newhouse (R),  Kristi Noem (R),  Devin Nunes (R),  Erik Paulsen (R),  Bruce Poliquin (R),  Tom Reed (R),  David Reichert (R),  James Renacci (R),  Peter Roskam (R),  David Rouzer (R),  Kyrsten Sinema (I),  Jason Smith (R),  Steve Stivers (R),  David Trott (R),  Fred Upton (R),  David Valadao (R),  Tim Walberg (R),  Jackie Walorski (R),  David Young (R),  Todd Young (R), 

Placed on the Union Calendar, Calendar No. 240. (on 10/28/2015)

Official Document