Section 1 Short title
This Act may be cited as the “Small Business Expensing Act of 2015”.
Small Business Expensing Act of 2015
A BILL
To amend the Internal Revenue Code of 1986 to permanently extend and increase expensing limitations, and for other purposes.
Sec. 2 Expensing certain depreciable business assets for small business
In general—
Dollar limitation— Section 179(b)(1) of the Internal Revenue Code of 1986 is amended by striking “shall not exceed—” and all that follows and inserting “shall not exceed $1,000,000.”.
Reduction in limitation— Section 179(b)(2) of such Code is amended by striking “exceeds—” and all that follows and inserting “exceeds $2,500,000.”.
Computer software— Section 179(d)(1)(A)(ii) of the Internal Revenue Code of 1986 is amended by striking “, to which section 167 applies, and which is placed in service in a taxable year beginning after 2002 and before 2015” and inserting “and to which section 167 applies”.
by striking “may not be revoked” and all that follows through “and before 2015”; and
by striking “irrevocable” in the heading thereof.
by striking “beginning after 2009 and before 2015” in paragraph (1); and
by striking paragraphs (3) and (4).
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2014.