US Congress House Bill 3318 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Republican 3)
Status: Introduced on July 29 2015 - 25% progression, died in committee
Action: 2015-07-29 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Reducing Tax Preparation Burdens for American Investments and Repairs Act This bill directs the Department of the Treasury to amend Treasury regulations relating to the election of a taxpayer to expense in the current taxable year certain depreciable business assets that would otherwise be capitalized and depreciated over a period of time. Current regulations provide for a safe harbor rule that allows expensing of such assets that do not exceed $500 per invoice for taxpayers without applicable financial statements. This bill would increase the safe harbor threshold to $2,500 per invoice for such taxpayers for taxable years beginning after 2015.

Reducing Tax Preparation Burdens for American Investments and Repairs Act

Rep. Rod Blum [R-IA]

Sen. Kevin Cramer [R-ND]

Rep. Glenn Grothman [R-WI]

Date	Chamber	Action
2015-07-29	House	Referred to the House Committee on Ways and Means.
2015-07-29	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/3318/all-info
Text	https://www.congress.gov/114/bills/hr3318/BILLS-114hr3318ih.pdf