HR 408 IHCommentsClose CommentsPermalink

113th CONGRESSCommentsClose CommentsPermalink

1st SessionCommentsClose CommentsPermalink

H. R. 408CommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to repeal certain limitations on the expensing of section 179 property, to allow taxpayers to elect shorter recovery periods for purposes of determining the deduction for depreciation, and for other purposes.CommentsClose CommentsPermalink

IN THE HOUSE OF REPRESENTATIVESCommentsClose CommentsPermalink

January 23, 2013CommentsClose CommentsPermalink

Mr. SESSIONS introduced the following bill; which was referred to the Committee on Ways and MeansCommentsClose CommentsPermalink

A BILLCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to repeal certain limitations on the expensing of section 179 property, to allow taxpayers to elect shorter recovery periods for purposes of determining the deduction for depreciation, and for other purposes.CommentsClose CommentsPermalink

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

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Expensing Property Expands our Nation’s Strong Economy Act of 2013’ or as the ‘EXPENSE Act of 2013’.CommentsClose CommentsPermalink

SEC. 2. REPEAL OF CERTAIN LIMITATIONS ON THE EXPENSING OF SECTION 179 PROPERTY.

(a) In General- Section 179 of the Internal Revenue Code of 1986 is amended by striking subsections (b) and (e) and by redesignating subsections (c), (d), and (f) as subsections (b), (c), and (d), respectively.CommentsClose CommentsPermalink





(b) Conforming Amendments-CommentsClose CommentsPermalink





(1) Subsection (c) of section 179 of such Code, as redesignated by subsection (a), is amended by striking paragraphs (6) and (8), and by redesignating paragraphs (7), (9), and (10) as paragraphs (6), (7), and (8), respectively.CommentsClose CommentsPermalink





(2) Paragraph (6) of section 179(c) of such Code, as redesignated by paragraph (1) and subsection (a), is amended by striking ‘paragraphs (2) and (6)’ and inserting ‘paragraph (2)’.CommentsClose CommentsPermalink





(3) Subsection (d) of section 179 of such Code, as redesignated by subsection (a), is amended--CommentsClose CommentsPermalink





(A) by striking ‘in 2010, 2011, 2012, or 2013’ in paragraph (1), andCommentsClose CommentsPermalink





(B) by striking paragraphs (3) and (4).CommentsClose CommentsPermalink





(4) Sections 42(d)(2)(B)(i), 1397D(d)(1), 1400B(b)(4)(A)(i) and 1400F(b)(4)(A)(i) of such Code are each amended by striking ‘section 179(d)(2)’ and inserting ‘section 179(c)(2)’.CommentsClose CommentsPermalink





(5) Subclause (I) of section 42(d)(2)(D)(iii) of such Code is amended--CommentsClose CommentsPermalink





(A) by striking ‘section 179(d)’ and inserting ‘section 179(c)’, andCommentsClose CommentsPermalink





(B) by striking ‘section 179(d)(7)’ and inserting ‘section 179(c)(6)’.CommentsClose CommentsPermalink





(6)(A) Subpart B of part III of subchapter U of chapter 1 of such Code is hereby repealed.CommentsClose CommentsPermalink





(B) The table of subparts for such part III is amended by striking the item relating to subpart B.CommentsClose CommentsPermalink





(7)(A) Part III of subchapter X of chapter 1 of such Code is amended by striking section 1400J.CommentsClose CommentsPermalink





(B) The table of sections for such part is amended by striking the item relating to section 1400J.CommentsClose CommentsPermalink





(C) Paragraph (3) of section 1400E(b) of such Code is amended by striking ‘sections 1400F and 1400J’ and inserting ‘section 1400F’.CommentsClose CommentsPermalink





(8) Clause (iv) of section 1400L(b)(2)(A) of such Code is amended by striking ‘section 179(d)’ and inserting ‘section 179(c)’.CommentsClose CommentsPermalink





(9) Section 1400L of such Code is amended by striking subsection (f).CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply to property placed in service during taxable years ending on or after the date of the enactment of this Act.CommentsClose CommentsPermalink

SEC. 3. ELECTION OF SHORTER RECOVERY PERIOD FOR PURPOSE OF DETERMINING DEPRECIATION DEDUCTION.

(a) In General- Section 168 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:CommentsClose CommentsPermalink





‘(o) Election of Shorter Recovery Period-CommentsClose CommentsPermalink





‘(1) IN GENERAL- Notwithstanding subsections (c), (e), (g), and (j), for purposes of subsection (a), the applicable recovery period for any property placed in service during a taxable year ending on or after the date of the enactment of this subsection shall not exceed any period of two or more years elected by the taxpayer with respect to such property.CommentsClose CommentsPermalink





‘(2) ELECTION- An election made under this subsection shall be made at such time and in such form and manner as the Secretary may require. An election under this subsection, once made, shall apply to the taxable year for which made and all subsequent taxable years unless revoked with the consent of the Secretary.CommentsClose CommentsPermalink





‘(3) TRANSITION RULE- In the case of any property placed in service during a taxable year ending before the date of the enactment of this subsection, paragraph (1) shall apply with respect to the adjusted basis of such property in the same manner as if such property (with such adjusted basis) were placed in service on the first day of the taxable year which includes the date of the enactment of this subsection. The application of this paragraph shall not be treated as a change in method of accounting for purposes of section 481.’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to property placed in service before, on, or after the date of the enactment of this Act.CommentsClose CommentsPermalink