HR.636 - America's Small Business Tax Relief Act Of 2015

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2/13/2015--Passed House amended. America's Small Business Tax Relief Act of 2015

(Sec. 2) This bill amends the Internal Revenue Code to make permanent after 2014 the $500,000 allowance for the expensing of depreciable business property (section 179 property) and the $2 million threshold after which the amount of such allowance is reduced. Both the allowance and the threshold amount are indexed for inflation for taxable years beginning after 2015. The allowance is also made permanent for computer software and qualified real property (i.e., qualified leasehold improvement property, restaurant property, and retail improvement property). The exclusion of air conditioning and heating units from the definition of section 179 property is eliminated. The taxpayer is allowed to revoke an election to expense section 179 property without first obtaining consent from the Department of the Treasury.

(Sec. 3) The reduction (from 10 years to 5 years) of the period during which the built-in gains of an S corporation are subject to tax is maDe permanent.

(Sec. 4) The tax rule requiring a decrease in the basis of a shareholder's stock in an S corporation that makes tax deductible charitable contributions of prOperty is made permanent.

(Sec. 5) The budgetary effects of this Act are excluded from PAYGO scorecards under the Statutory Pay-As-You-Go Act of 2010.

Read The Second Time. Placed On Senate Legislative Calendar Under General Orders. Calendar No. 55.
April 20th 2015 @ 12:00 AM

Read The First Time. Placed On Senate Legislative Calendar Under Read The First Time.
April 16th 2015 @ 12:00 AM

Received In The Senate.
February 23rd 2015 @ 12:00 AM

Motion To Reconsider Laid On The Table Agreed To Without Objection.
February 13th 2015 @ 11:15 AM

On Passage Passed By Recorded Vote: 272 - 142 (roll No. 82).
February 13th 2015 @ 11:15 AM

On Motion To Recommit With Instructions Failed By The Yeas And Nays: 173 - 241 (roll No. 81).
February 13th 2015 @ 11:07 AM

The Previous Question On The Motion To Recommit With Instructions Was Ordered Without Objection.
February 13th 2015 @ 10:40 AM

Debate - The House Proceeded With 10 Minutes Of Debate On The Motion To Recommit With Instructions. The Instructions Contained In The Motion Seek To Require That The Bill Be Reported Back To The House Forthwith With An Amendment To Extend The Tax Provisions In The Underlying Bill For One Year In Order For Comprehensive Tax Reform To Address These Provisions. It Also Would Prevent These Three Temporary Tax Provisions From Permanently Adding To The Deficit, As Opposed To The Permanent Extension In The Underlying Legislation That Costs $79.2 Billion And Puts Further Pressure On The United States Domestic Discretionary Priorities, Pending Reservation Of A Point Of Order. Subsequently, The Reservation Of A Point Of Order Was Withdrawn.
February 13th 2015 @ 10:31 AM

Mr. Neal Moved To Recommit With Instructions To The Committee On Ways And Means.
February 13th 2015 @ 10:31 AM

The Previous Question Was Ordered Pursuant To The Rule.
February 13th 2015 @ 10:30 AM

Debate - The House Proceeded With 90 Minutes Of Debate On H.r. 636.
February 13th 2015 @ 9:17 AM

The Resolution Provides For Consideration Of Both H.r. 644 And H.r. 636 Under Closed Rules.
February 13th 2015 @ 9:16 AM

Considered Under The Provisions Of Rule H. Res. 101.
February 13th 2015 @ 9:16 AM

Rule H. Res. 101 Passed House.
February 12th 2015 @ 2:39 PM

Rules Committee Resolution H. Res. 101 Reported To House. The Resolution Provides For Consideration Of Both H.r. 644 And H.r. 636 Under Closed Rules.
February 10th 2015 @ 7:20 PM

Placed On The Union Calendar, Calendar No. 15.
February 9th 2015 @ 2:05 PM

Committee On The Budget Discharged.
February 9th 2015 @ 2:05 PM

Reported (amended) By The Committee On Ways And Means. H. Rept. 114-21, Part I.
February 9th 2015 @ 2:04 PM

Ordered To Be Reported (amended) By The Yeas And Nays: 24 - 14.
February 4th 2015 @ 12:00 AM

Referred To House Budget
February 2nd 2015 @ 12:00 AM

Referred To House Ways And Means
February 2nd 2015 @ 12:00 AM

Referred To The Committee On Ways And Means, And In Addition To The Committee On The Budget, For A Period To Be Subsequently Determined By The Speaker, In Each Case For Consideration Of Such Provisions As Fall Within The Jurisdiction Of The Committee Concerned.
February 2nd 2015 @ 12:00 AM

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