Sec. 124. EXTENSION AND MODIFICATION OF INCREASED EXPENSING LIMITATIONS AND TREATMENT OF CERTAIN REAL PROPERTY AS SECTION 179 PROPERTY
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## SEC. 124 EXTENSION AND MODIFICATION OF INCREASED EXPENSING LIMITATIONS AND TREATMENT OF CERTAIN REAL PROPERTY AS SECTION 179 PROPERTY ###
(a)Made Permanent ####
(1)Dollar limitation **[**[26 U.S.C. 179](/us/usc/t26/s179)**]** Section 179(b)(1) is amended by striking “shall not exceed—” and all that follows and inserting “shall not exceed $500,000.”. ####
(2)Reduction in limitation Section 179(b)(2) is amended by striking “exceeds—” and all that follows and inserting “exceeds $2,000,000.”. ###
(b)Computer Software Section 179(d)(1)(A)(ii) is amended by striking “, to which section 167 applies, and which is placed in service in a taxable year beginning after 2002 and before 2015” and inserting “and to which section 167 applies”. ###
(c)Special Rules for Treatment of Qualified Real Property ####
(1)Extension for 2015 Section 179(f) is amended— #####
(A)by striking “2015” in paragraph
(1)and inserting “2016”, #####
(B)by striking “2014” each place it appears in paragraph
(4)and inserting “2015”, and #####
(C)by striking “and 2013” in the heading of paragraph (4)(C) and inserting “2013, and 2014”. ####
(2)Made Permanent Section 179(f), as amended by paragraph (1), is amended— #####
(A)by striking “beginning after 2009 and before 2016” in paragraph (1), and #####
(B)by striking paragraphs
(3)and (4). ###
(d)Election Section 179(c)(2) is amended— ####
(1)by striking “may not be revoked” and all that follows through “and before 2015”, and ####
(2)by striking “irrevocable” in the heading thereof. ###
(e)Air Conditioning and Heating Units Section 179(d)(1) is amended by striking “and shall not include air conditioning or heating units”. ###
(f)Inflation adjustment Section 179(b) is amended by adding at the end the following new paragraph: > > #### “(6) Inflation adjustment > > > ##### “(A) In general > > In the case of any taxable year beginning after 2015, the dollar amounts in paragraphs
(1)and
(2)shall each be increased by an amount equal to— > > > ###### “(i) > > such dollar amount, multiplied by > > > ###### “(ii) > > the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting ‘calendar year 2014’ for ‘calendar year 1992’ in subparagraph
(B)thereof. > > > ##### “(B) Rounding > > The amount of any increase under subparagraph
(A)shall be rounded to the nearest multiple of $10,000.” > . ###
(g)Effective Dates **[**[26 U.S.C. 179 note](/us/usc/t26/s179)**]** ####
(1)Extension Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years beginning after December 31, 2014. ####
(2)Modifications The amendments made by subsections (c)(2) and
(e)shall apply to taxable years beginning after December 31, 2015.
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Sec. 124
EXTENSION AND MODIFICATION OF INCREASED EXPENSING LIMITATIONS AND TREATMENT OF CERTAIN REAL PROPERTY AS SECTION 179 PROPERTY
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