January 13, 2025
Mr. Moore of Utah (for himself, Mr. Buchanan, Mr. Smith of Nebraska, Mr. Smucker, Mrs. Miller of West Virginia, Mr. Fitzpatrick, and Ms. Tenney) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to increase the limitations on expensing of depreciable business assets.
Section 1. Short title
This Act may be cited as the Small Business Growth Act
.
Sec. 2. Increase in limitations on expensing of depreciable business assets
(a) In general
Section 179(b) of the Internal Revenue Code of 1986 is amended—
(1)
by striking $1,000,000
in paragraph (1) and inserting $2,000,000
, and
(2)
by striking $2,500,000
in paragraph (2) and inserting $3,500,000
.
(b) Inflation adjustment
Section 179(b)(6) of such Code is amended—
(1)
by striking 2018
and inserting 2026 (2018 in the case of the dollar amount in paragraph (5)(A))
, and
(2)
by striking calendar year 2017
and inserting
.calendar year 2025
(calendar year 2017
in the case of the dollar amount in paragraph (5)(A))
(c) Effective date
The amendments made by this section shall apply to property placed in service in taxable years beginning after December 31, 2025.