Section 1 Short title
This Act may be cited as the “Reducing Tax Preparation Burdens for American Investments and Repairs Act”.
Reducing Tax Preparation Burdens for American Investments and Repairs Act
A BILL
To require the Secretary of the Treasury to modify regulations to increase the amount of the de minimis safe harbor election for exemption from capital expenditures for taxpayers without certain financial statements.
Sec. 2 Increase in de minimis safe harbor election for exemptions from capital expenditures for taxpayers without certain financial statements
In general— Not later than 6 months after the date of the enactment of this Act, the Secretary of the Treasury shall modify Treasury Regulation section 1.263(a)–1(f) (26 C.F.R. 1.263(a)–1(f)) to increase the $500 de minimis rule for taxpayers without applicable financial statements to $2,500.
Effective date— The revised regulations under this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2015.