About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

H.R. 4718, a Bill to Amend the Internal Revenue Code of 1986 to Modify and Make Permanent Bonus Depreciation 1 (June 5, 2014)

handle is hein.congrec/cbo1683 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE 0' LCOST ESTIMATE June 5, 2014 H.R. 4718 A bill to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation As ordered reported by the House Committee on Ways and Means on May 29, 2014 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. The estimated increases in the deficit are shown in the following table. JCT has determined that the bill contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act. The CBO staff contact for this estimate is Logan Timmerhoff. The estimate was approved by David Weiner, Assistant Director for Tax Analysis.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most