United States 114th Congress Status: Died 1 R cosponsors

HR 2510 — To amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation.

Last action — Placed on the Union Calendar, Calendar No. 240.

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  1. ✓
    Introduced
  2. Died in session

This bill died with 114th Congress. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

To amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation. (Sec. 1) This bill amends the Internal Revenue Code to make permanent the additional 50% depreciation allowance, known as bonus depreciation, for depreciable business property (i.e., qualified property) placed in service after December 31, 2014. The term "qualified property" is modified to include qualified improvement property, in lieu of qualified leasehold improvement property, which is defined as any improvement to an interior portion of a building that is nonresidential real property if such improvement is placed in service after the date such building was first placed in service. The bill also increases by $8,000 (with an annual inflation adjustment after 2015) the maximum allowable depreciation deduction for a passenger automobile (i.e., any 4-wheeled vehicle that is manufactured primarily for use on public streets, roads, and highways and is rated at 6,000 pounds unloaded gross vehicle weight or less). The bill also makes permanent the election to increase the alternative minium tax credit limitation in lieu of bonus depreciation for taxable years ending after December 31, 2014. The bill allows an additional depreciation allowance for any specified plant that is planted, or grafted to a plant that has already been planted, by the taxpayer in the ordinary course of the taxpayer's farming business. The term "specified plant" means: (1) any tree or vine that bears fruits or nuts, and (2) any other plant that will have more than one yield of fruits or nuts and that generally has a period of more than two years from the time of planting or grafting to the time at which such plant begins bearing fruits or nuts. This allowance is applicable to specified plants planted or grafted after December 31, 2014. (Sec. 2) The bill prohibits the entry of the budgetary effects of this Act on any PAYGO scorecard maintained pursuant to the Statutory Pay-As-You-Go Act of 2010.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 2510 on the official United States source →

Action History

  1. Placed on the Union Calendar, Calendar No. 240.

  2. Committee on the Budget discharged.

  3. Reported (Amended) by the Committee on Ways and Means. H. Rept. 114-317, Part I.

  4. Ordered to be Reported (Amended) by the Yeas and Nays: 24 - 13.

  5. Committee Consideration and Mark-up Session Held.

  6. Referred to House Budget

  7. Referred to House Ways and Means

  8. Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  9. Introduced in House

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

taxation agriculture
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Frequently asked questions

What does HR 2510 do?
To amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation. (Sec. 1) This bill amends the Internal Revenue Code to make permanent the additional 50% depreciation allowance, known as bonus depreciation, for depreciable business property (i.e., qualified property) placed in service after December 31, 2014. The term "qualified property" is modified to include qualified improvement property, in lieu of qualified leasehold improvement property, which is defined as any improvement to an interior portion of a building that is nonresidential real property if such improvement is placed in service after the date such building was first placed in service. The bill also increases by $8,000 (with an annual inflation adjustment after 2015) the maximum allowable depreciation deduction for a passenger automobile (i.e., any 4-wheeled vehicle that is manufactured primarily for use on public streets, roads, and highways and is rated at 6,000 pounds unloaded gross vehicle weight or less). The bill also makes permanent the election to increase the alternative minium tax credit limitation in lieu of bonus depreciation for taxable years ending after December 31, 2014. The bill allows an additional depreciation allowance for any specified plant that is planted, or grafted to a plant that has already been planted, by the taxpayer in the ordinary course of the taxpayer's farming business. The term "specified plant" means: (1) any tree or vine that bears fruits or nuts, and (2) any other plant that will have more than one yield of fruits or nuts and that generally has a period of more than two years from the time of planting or grafting to the time at which such plant begins bearing fruits or nuts. This allowance is applicable to specified plants planted or grafted after December 31, 2014. (Sec. 2) The bill prohibits the entry of the budgetary effects of this Act on any PAYGO scorecard maintained pursuant to the Statutory Pay-As-You-Go Act of 2010.
Who sponsors HR 2510?
HR 2510 is sponsored by Patrick Tiberi (R).
What is the current status of HR 2510?
This bill died with 114th Congress. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 2510?
Track HR 2510 free on One Click Politics — get push/email alerts when it moves.

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