Section 1 Short title
This Act may be cited as the “Tax Equality for Entrepreneurs Act”.
Tax Equality for Entrepreneurs Act
A BILL
To amend the Internal Revenue Code of 1986 to permanently extend 15-year straight-line cost recovery and section 179 expensing for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property.
Sec. 2 Permanent extension of certain tax incentives for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property
15-Year straight-Line cost recovery— Section 168(e)(3)(E) of the Internal Revenue Code of 1986 is amended—
by striking “placed in service before January 1, 2014” in clauses (iv) and (v), and
by striking “placed in service after December 31, 2008, and before January 1, 2014” in clause (ix).
Section 179 expensing— Section 179(f) of such Code is amended—
by striking “beginning in 2010, 2011, 2012, or 2013” in paragraph (1), and
by striking paragraph (4).
Effective date— The amendments made by this section shall apply to property placed in service after December 31, 2013.