Vote Smart's Synopsis:

Vote to pass a bill that extends certain small business tax allowances for taxable years beginning after December 31, 2014.

Highlights:

• Extends certain increased expensing allowances for a depreciable business property under the Internal Revenue Code of 1986, including, but not limited to, the following allowances (Sec. 2):
• The $500,000 expensing allowance for such property;
• The $2 million threshold amount for such property after which the expensing allowance amount is reduced; and 
• The allowance for computer software expenditures. 

• Reduces the period in which the built-in gains of an S corporation are subject to taxation permanently from 10 years to 5 years (Sec. 3). 

• Establishes expensing allowances for air conditioning and heating units (Sec. 2).

Full Bill Text

Full Bill Text