Today, Senate Finance Committee Chairman Max Buacus released a staff discussion draft on cost recovery and tax accounting rules. Feedback on the cost recovery and tax accounting rules discussion draft is requested by January 17, 2014.
The discussion draft offers proposals to:
- “Replace current rules with a system that better approximates economic depreciation based on estimates from the Congressional Budget Office.
- Reduce the number of major depreciation rates from more than 40 to 5.
- Eliminate the need for businesses to depreciate each of their assets separately. Permanently increase Section 179 expensing to $1 million and expand the definition of qualifying expenses.”
The full staff discussion draft in legislative language can be found here.