26 U.S.C. § 1397A — Increase in expensing under section 179

submitted 33 years ago by Pub. L. 103-66 to r/title-26-INTERNAL-REVENUE-CODE · 136 words · no verdicts yet

in plain englishAI-generated · not legal advice

A translation hasn’t been published for this section yet. The official text below is complete and authoritative.

the actual law source: uscode.house.gov ↗public domain

(a) General rule

In the case of an enterprise zone business, for purposes of section 179—

(1)

the limitation under section 179(b)(1) shall be increased by the lesser of—

(A)

$35,000, or

(B)

the cost of section 179 property which is qualified zone property placed in service during the taxable year, and

(2)

the amount taken into account under section 179(b)(2) with respect to any section 179 property which is qualified zone property shall be 50 percent of the cost thereof.

(b) Recapture

Rules similar to the rules under section 179(d)(10) shall apply with respect to any qualified zone property which ceases to be used in an empowerment zone by an enterprise zone business.

This section shall not apply to any property placed in service in taxable years beginning after December 31, 2020.

Source credit: (Added Pub. L. 103–66, title XIII, § 13301(a), Aug. 10, 1993, 107 Stat. 552; amended Pub. L. 105–34, title IX, § 952(c), Aug. 5, 1997, 111 Stat. 887; Pub. L. 106–554, § 1(a)(7) [title I, § 114(a), (b)], Dec. 21, 2000, 114 Stat. 2763, 2763A–601; Pub. L. 116–260, div. EE, title I, § 118(b), Dec. 27, 2020, 134 Stat. 3051.)

history & why it existsrecord from the source credit

1993Enacted · Pub. L. 103-66 · 107 Stat. 552
1997Amended · Pub. L. 105-34 · 111 Stat. 887
2000Amended · Pub. L. 106-554 · 114 Stat. 2763, 2763
2020Amended · Pub. L. 116-260 · 134 Stat. 3051

A history note hasn’t been published yet. The record shows enactment by Pub. L. 103-66 on 1993-08-10.

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