Section 1 Short title
This Act may be cited as the “Full Expensing Act of 2015”.
Full Expensing Act of 2015
A BILL
To amend the Internal Revenue Code of 1986 to provide for full expensing of tangible property.
Sec. 2 Permanent expansion of election to expense certain depreciable assets
Expansion of types of property subject to election— Paragraph (1) of section 179(d) of the Internal Revenue Code of 1986 is amended to read as follows:
“(1) Section 179 property—For purposes of this section, the term section 179 property means property—
“(A) which is—
“(i) tangible property, or
“(ii) computer software (as defined in section 197(e)(3)(B)) which is described in section 197(e)(3)(A)(i),
“(B) which is acquired by purchase—
“(i) for use in a trade or business, or
“(ii) for the production of income, and
“(C) which was originally placed in service after the date of the enactment of the Full Expensing Act of 2015.”
Repeal of dollar limitations— Section 179 of the Internal Revenue Code of 1986 is amended by striking subsection (b).
Conforming amendments— Section 179 of such Code is amended—
in subsection (c)(2), by striking “and before 2015”, and
by striking subsections (e) and (f).
Effective date— The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.