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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.

Policy Area

Transportation and Public Works

Legislative Terms

  • accidents
  • accounting and auditing
  • administrative law and regulatory procedures
  • administrative remedies
  • advanced technology and technological innovations
  • advisory bodies
  • air quality
  • alternative and renewable resources
  • arctic and polar regions
  • arizona
  • atmospheric science and weather
  • aviation and airports
  • business investment and capital
  • charitable contributions
  • child health
  • child safety and welfare
  • civil actions and liability
  • competitiveness, trade promotion, trade deficits
  • computer security and identity theft
  • computers and information technology
  • congressional oversight
  • consumer affairs
  • crime victims
  • criminal justice information and records
  • customs enforcement
  • department of homeland security
  • department of transportation
  • disability and paralysis
  • drug, alcohol, tobacco use
  • emergency medical services and trauma care
  • emergency planning and evacuation
  • employee hiring
  • employee performance
  • employment and training programs
  • employment discrimination and employee rights
  • energy efficiency and conservation
  • energy storage, supplies, demand
  • espionage and treason
  • executive agency funding and structure
  • federal officials
  • fires
  • first responders and emergency personnel
  • foreign labor
  • fraud offenses and financial crimes
  • government employee pay, benefits, personnel management
  • government information and archives
  • government liability
  • government studies and investigations
  • government trust funds
  • health promotion and preventive care
  • health technology, devices, supplies
  • higher education
  • human trafficking
  • immigration status and procedures
  • income tax deductions
  • infectious and parasitic diseases
  • inflation and prices
  • infrastructure development
  • intellectual property
  • intelligence activities, surveillance, classified information
  • international law and treaties
  • international organizations and cooperation
  • judicial review and appeals
  • land use and conservation
  • law enforcement administration and funding
  • licensing and registrations
  • marshall islands
  • materials
  • medical education
  • medical tests and diagnostic methods
  • mental health
  • micronesia
  • military facilities and property
  • mining
  • motor fuels
  • motor vehicles
  • national transportation safety board (ntsb)
  • neurological disorders
  • nevada
  • noise pollution
  • palau
  • parks, recreation areas, trails
  • performance measurement
  • personnel records
  • prescription drugs
  • public contracts and procurement
  • public transit
  • research administration and funding
  • research and development
  • right of privacy
  • roads and highways
  • rural conditions and development
  • securities
  • small business
  • small towns
  • social work, volunteer service, charitable organizations
  • solid waste and recycling
  • spacecraft and satellites
  • tax administration and collection, taxpayers
  • terrorism
  • trade restrictions
  • transportation employees
  • transportation programs funding
  • transportation safety and security
  • user charges and fees
  • veterans' education, employment, rehabilitation
  • violent crime
  • women's health
  • worker safety and health