Fairness for Agricultural Machinery and Equipment Act

Fairness for Agricultural Machinery and Equipment Act

This bill amends the Internal Revenue Code to: (1) make permanent the five-year recovery period for the depreciation of certain farming business machinery and equipment by eliminating the requirement that the property be placed in service before 2010; and (2) expand the machinery and equipment that qualifies as five-year property to include a grain bin, cotton ginning asset, or fence used in a farming business. The original use of the five-year property must commence with the taxpayer after the enactment of this bill.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3455 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 3455

  To amend the Internal Revenue Code of 1986 to treat certain farming 
  business machinery and equipment as 5-year property for purposes of 
                             depreciation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 27, 2017

 Mr. Abraham (for himself, Mr. Peterson, and Mr. Crawford) introduced 
  the following bill; which was referred to the Committee on Ways and 
                                 Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to treat certain farming 
  business machinery and equipment as 5-year property for purposes of 
                             depreciation.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fairness for Agricultural Machinery 
and Equipment Act''.

SEC. 2. CERTAIN FARMING BUSINESS MACHINERY AND EQUIPMENT TREATED AS 5-
              YEAR PROPERTY.

    (a) In General.--Clause (vii) of section 168(e)(3)(B) of the 
Internal Revenue Code of 1986 is amended to read as follows:
                            ``(vii) any machinery or equipment 
                        (including any grain bin, cotton ginning asset, 
                        or fence, and excluding any other land 
                        improvement) which is used in a farming 
                        business (as defined in section 263A(e)(4)) the 
                        original use of which commences with the 
                        taxpayer after the date of the enactment of the 
                        Fairness for Agricultural Machinery and 
                        Equipment Act.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act.
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