179 Act

179 Act This bill amends the Internal Revenue Code, with respect to the taxpayer election to expense depreciable business property (179 property), to make permanent: (1) the increased $500,000 limitation on the amount of such property eligible for expensing; (2) a $2 million threshold for depreciable property, after which the amount of the expensing allowance is reduced; (3) the expensing of computer software; and (4) the revocability of the expensing election. The bill also makes permanent the expensing allowance for qualified real property, which includes qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property.The bill allows a carryover of disallowed amounts of qualified real property to taxable years beginning after 2014.