Sec. 402. Expensing certain depreciable business assets for small business
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Paragraph
(1)of section 179(b) of the Internal Revenue Code of 1986 is amended by striking shall not exceed— and all that follows and inserting shall not exceed $500,000. . Paragraph
(2)of section 179(b) of such Code is amended by striking exceeds— and all that follows and inserting exceeds $2,000,000. . Clause
(ii)of section 179(d)(1)(A) of such Code is amended by striking , to which section 167 applies, and which is placed in service in a taxable year beginning after 2002 and before 2014 and inserting and to which section 167 applies . Paragraph
(2)of section 179(c) of such Code is amended— by striking may not be revoked and all that follows through and before 2014 , and by striking in the heading thereof. irrevocable Paragraph
(1)of section 179(d) of such Code is amended by striking and shall not include air conditioning or heating units . 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 paragraphs
(3)and (4). Subsection
(b)of section 179 of such Code is amended by adding at the end the following new paragraph: In the case of any taxable year beginning after 2014, the dollar amounts in paragraphs
(1)and
(2)shall each be increased by an amount equal to— such dollar amount, multiplied by the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which such taxable year begins, determined by substituting calendar year 2013 for calendar year 1992 in subparagraph
(B)thereof. The amount of any increase under subparagraph
(A)shall be rounded to the nearest multiple of $10,000. . The amendments made by this section shall apply to taxable years beginning after December 31, 2013.