Sec. 503. Increased expensing limitations and treatment of certain real property as section 179 property made permanent

169 words·~1 min read·/bill/113/hr/3939/ih/section-503

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Subsection

(b)of section 179 of the Internal Revenue Code of 1986 is amended— by striking shall not exceed— and all that follows in paragraph

(1)and inserting shall not exceed $500,000. , and by striking exceeds— and all that follows in paragraph

(2)and inserting exceeds $2,000,000. . Clause

(ii)of section 179(d)(1)(A) of such Code is amended by striking and which is placed in service in a taxable year beginning after 2002 and before 2014, . Subsection

(f)of section 179 of such Code is amended— by striking beginning in 2010, 2011, 2012, or 2013 in paragraph (1), and by striking paragraph (4). Paragraph

(2)of section 179(c) of such Code is amended to read as follows: Any election made under this section, and any specification contained in any such election, may be revoked by the taxpayer with respect to any property, and such revocation, once made, shall be irrevocable. . The amendments made by this section shall apply to taxable years beginning after December 31, 2013.