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H.R. 4457 — what changed

America’s Small Business Tax Relief Act of 2014

From Reported in House to Engrossed in House. 1 section amended and 1 added between Reported in House and Engrossed in House.

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)
changed Qualified real property— Section 179(f) Subsection (f) of section 179 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.

Sec. 3 Budgetary effects

added
(a)
added Statutory Pay-As-You-Go Scorecards— The budgetary effects of this Act shall not be entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010.
(b)
added Senate PAYGO Scorecards— The budgetary effects of this Act shall not be entered on any PAYGO scorecard maintained for purposes of section 201 of S. Con. Res. 21 (110th Congress).