2022 Standard Federal Tax Reporter (CCH) Joint Committee Summary of P.L. 114-113 (Protecting Americans from Tax Hikes Act of 2015), Congress (United States)


Summary

  • Committee Report: Standard Federal Tax Reporter (2022), Joint Committee Summary of P.L. 114-113 (Protecting Americans from Tax Hikes Act of 2015)

    .024 Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. -

    A taxpayer may elect under section 179 to deduct (or  "expense" ) the cost of qualifying property, rather than to recover such costs through depreciation deductions, subject to limitation. For taxable years beginning in 2014, the maximum amount a taxpayer may expense is $500,000 of the cost of qualifying property placed in service for the taxable year.  1Link to the text of the note  The $500,000 amount is reduced (but not below zero) by ...