America's Small Business Tax Relief Act of 2014

America's Small Business Tax Relief Act of 2014 - Amends the Internal Revenue Code, with respect to the expensing allowance for depreciable business property, to make permanent: (1) the increased $500,000 expensing allowance for such property, (2) the increased $2,000,000 threshold amount for such property over which the amount of the expensing allowance is reduced, (3) expensing of computer software, and (4) rules for the expensing of qualified real property (i.e., leasehold improvement, restaurant, and retail improvement property).  Allow an inflation adjustment to the dollar amounts of the expensing allowance for taxable years beginning after 2014. Eliminates the exclusion of air conditioning and heating units as property eligible for the expensing allowance.

Prohibits the entry of the budgetary effects of this Act on any PAYGO (Pay-As-You-Go) scorecard.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4457 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4457

   To amend the Internal Revenue Code of 1986 to permanently extend 
        increased expensing limitations, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 10, 2014

Mr. Tiberi (for himself, Mr. Kind, Mr. Young of Indiana, Mr. Neal, Mr. 
Gerlach, Mr. Danny K. Davis of Illinois, and Mr. Schock) introduced the 
 following bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to permanently extend 
        increased expensing limitations, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``America's Small Business Tax Relief 
Act of 2014''.

SEC. 2. EXPENSING CERTAIN DEPRECIABLE BUSINESS ASSETS FOR SMALL 
              BUSINESS.

    (a) In General.--
            (1) Dollar limitation.--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.''.
            (2) Reduction in limitation.--Paragraph (2) of section 
        179(b) of such Code is amended by striking ``exceeds--'' and 
        all that follows and inserting ``exceeds $2,000,000.''.
    (b) Computer Software.--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''.
    (c) Election.--Paragraph (2) of section 179(c) of such Code is 
amended--
            (1) by striking ``may not be revoked'' and all that follows 
        through ``and before 2014'', and
            (2) by striking ``irrevocable'' in the heading thereof.
    (d) Air Conditioning and Heating Units.--Paragraph (1) of section 
179(d) of such Code is amended by striking ``and shall not include air 
conditioning or heating units''.
    (e) Qualified Real Property.--Section 179(f) of such Code is 
amended--
            (1) by striking ``beginning in 2010, 2011, 2012, or 2013'' 
        in paragraph (1), and
            (2) by striking paragraphs (3) and (4).
    (f) Inflation Adjustment.--Subsection (b) of section 179 of such 
Code 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 2014, 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(c)(2)(A) for such 
                        calendar year, determined by substituting 
                        `calendar year 2013' for `calendar year 2012' 
                        in clause (ii) thereof.
                    ``(B) Rounding.--The amount of any increase under 
                subparagraph (A) shall be rounded to the nearest 
                multiple of $10,000.''.
    (g) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2013.
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