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ND HCR3032

Concurrent Resolution

Official Source

Status

Passed

3/31/2015

Primary Sponsor

Craig Headland

Click for details

Origin

House of Representatives

64th Legislative Assembly

AI Summary

  • Urges Congress and the Internal Revenue Service to end capitalization requirements for business and farm machinery repair costs under 26 CFR 1.162-3, 1.162-4, and 1.263(a)-3
  • Requests that businesses be allowed to deduct machinery repair costs as ordinary business expenses in the year incurred rather than capitalizing and deducting over multiple years
  • Argues that current IRS rules create excessive recordkeeping costs and regulatory burdens on business owners who must pay for equipment repairs immediately
  • Directs the North Dakota Secretary of State to distribute copies to the North Dakota Congressional Delegation, U.S. Senate and House leadership, the Secretary of the Treasury, and the IRS Director

Legislative Description

A concurrent resolution urging Congress and the Internal Revenue Service to end the requirement of capitalization of business and farm machinery repair costs and allow business owners to deduct those costs as a business expense.

Last Action

Filed with Secretary Of State 01/12

3/31/2015

Committee Referrals

Finance and Taxation1/29/2015

Full Bill Text

No bill text available