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114th Congress > Senate > Vote 381
Clerk session vote number: 42
Description: To expand and enhance visible deterrents at major transportation hubs and to increase the resources to protect and secure the United States.
Bill summary: America's Small Business Tax Relief Act of 2015
(Sec. 2) This bill amends the Internal Revenue Code to make permanent after 2014 the $500,000 allowance for the expensing of depreciable business property (section 179 property) and the $2 million threshold after which the amount of such allowance is reduced. Both the allowance and the threshold amount are indexed for inflation for taxable years beginning after 2015. The allowance is also made permanent for computer software and qualified real
property (i.e., qualified leasehold improvement property, restaurant property, and retail improvement property). The exclusion of air conditioning and heating units from the definition of section 179 property is eliminated.
The taxpayer is allowed to revoke an election to expense section 179 property without first obtaining consent from the Department of the Treasury.
(Sec. 3) The reduction (from 10 years to 5 years) of the period during which the built-in gains of an S corporation are subject to tax is made permanent.
(Sec. 4) The tax rule requiring a decrease in the basis of a shareholder's stock in an S corporation that makes tax deductible charitable contributions of property is made permanent.
(Sec. 5) The budgetary effects of this Act are excluded from PAYGO scorecards under the Statutory Pay-As-You-Go Act of 2010.
Bill titles: To amend title 49, United States Code, to extend authorizations for the airport improvement program, to amend the Internal Revenue Code of 1986 to extend the funding and expenditure authority of the Airport and Airway Trust Fund, and for other purposes.; To amend the Internal Revenue Code of 1986 to permanently extend increased expensing limitations, and for other purposes.; An act to amend title 49, United States Code, to extend authorizations for the airport improvement program, to amend the Internal Revenue Code of 1986 to extend the funding and expenditure authority of the Airport and Airway Trust Fund, and for other purposes.; Aviation Security Act of 2016
Links for more info on the vote: congress.gov
