Section 1 Short title
This Act may be cited as the “Agriculture Equipment and Machinery Depreciation Act”.
Agriculture Equipment and Machinery Depreciation Act
A BILL
To amend the Internal Revenue Code of 1986 to treat certain farming business machinery and equipment as 5-year property for purposes of depreciation.
Sec. 2 Certain farming business machinery and equipment treated as 5-year property
In general— Clause (vii) of section 168(e)(3)(B) of the Internal Revenue Code of 1986 is amended by striking “the original use of which commences with the taxpayer after December 31, 2008, and which is placed in service before January 1, 2010” and inserting “the original use of which commences with the taxpayer after the date of the enactment of the Agriculture Equipment and Machinery Depreciation Act”.
Effective date— The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.