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H.R. 636, America's Small Business Tax Relief Act of 2015 1 (February 5, 2015)

handle is hein.congrec/cbo2060 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE February 5, 2015 H.R. 636 would amend section 179 of the Internal Revenue Code, which mostly affects small- to medium-sized businesses, to retroactively and permanently extend from January 1, 2015, increased limitations on the amount of investment that can be immediately deducted from taxable income. H.R. 636 also would index the limitations for inflation and expand the definition of property that qualifies for that immediate deduction. Specifically, the legislation would permanently extend to $500,000 (indexed for inflation) the annual cost of property eligible for expensing under section 179. That change would allow firms to deduct immediately from their taxable income larger amounts of investment instead of spreading those deductions out over time. The benefit of the immediate expensing would phase out for total qualifying investment in excess of $2 million, indexed for inflation. The staff of the Joint Committee on Taxation (JCT) estimates that enacting H.R. 636 would reduce revenues, thus increasing federal deficits, by about $77 billion over the 2015-2025 period. The estimated budgetary effects of H.R. 636 are shown in the following table. By Fiscal Year, in Millions of Dollars 2015- 2015- 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2020 2025 CHANGES IN REVENUES Estimated Revenues -8,340 -14,400 -10,846 -8,661 -6,901 -5,537 -4,817 -4,090 -4,071 -4,648 -4,787 -54,684 -77,097 Source: Staff of the Joint Committee on Taxation. Note: Components may not sum to totals because of rounding. Although enacting H.R. 636 would affect revenues, the provisions of the Statutory Pay-As-You-Go Act of 2010 do not apply to the legislation because it includes a provision H.R. 636 America's Small Business Tax Relief Act of 2015 As ordered reported by the House Committee on Ways and Means on February 4, 2015

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