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Title: America's Small Business Tax Relief Act of 2015
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).