User:HistoricMN44/113hjres72

The bill 

The bill was introduced into the United States House of Representatives during the 113th United States Congress.

Provisions of the bill
This summary is based largely on the summary provided by the Congressional Research Service, a public domain source.

H.R. 4718 would amend the Internal Revenue Code to make permanent the additional 50% depreciation allowance (bonus depreciation) for qualified property placed in service after December 31, 2013. The bill would modify the definition of "qualified property" to include qualified retail improvement property. The bill would increase by $8,000 (with an annual inflation adjustment after 2014) the maximum allowable depreciation deduction for a passenger automobile (i.e., any 4-wheeled vehicle which 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 would make permanent, for taxable years ending after December 31, 2013, the election to increase the alternative minimum tax (AMT) credit limitation in lieu of bonus depreciation.

The bill would allow an additional deprecation allowance for a tree or vine bearing fruits or nuts, in the taxable year in which the tree or vine is planted, or grafted to a plant, in the ordinary course of the taxpayer's farming business. The bill would make such provision applicable to trees and vines planted or grafted after December 31, 2013.

Congressional Budget Office report
''This summary is based largely on the summary provided by the Congressional Budget Office, as ordered reported by the House Committee on Ways and Means on May 29, 2014. This is a public domain source.''

H.R. 4718 would amend the Internal Revenue Code to permanently provide an additional first-year depreciation deduction of 50 percent of the adjusted basis of qualified property, effective January 1, 2014. Under current law that additional deduction expired after December 31, 2013. H.R. 4718 would also expand the definition of qualified property to include certain retail improvement property and certain trees and vines bearing nuts or fruits. It would also expand and make permanent recently expired provisions that allowed corporations to claim additional credits against the alternative minimum tax instead of claiming the additional first-year depreciation deduction.

The staff of the Joint Committee on Taxation (JCT) estimates that enacting H.R. 4718 would reduce revenues, thus increasing federal budget deficits, by about $287 billion over the 2014-2024 period.

The Statutory Pay-As-You-Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting direct spending and revenues. Enacting H.R. 4718 would result in revenue losses in each year beginning in 2014.

Procedural history
H.R. 4718 was introduced into the United States House of Representatives on May 22, 2014 by Rep. Patrick J. Tiberi (R, OH-12). It was referred to the United States House Committee on Ways and Means. It was reported (amended) on July 3, 2014 alongside House Report 113-509.

Debate and discussion
Media coverage. Organizations and people for or against.