Current status is Read twice and referred to the Committee on Finance. (text: CR S2841)

119th CONGRESS

1st Session

S. 1688

1. Short title
2. Permanent extension of allowance for depreciation, amortization, or depletion in determining the limitation on business interest
3. Increase in limitations on expensing of depreciable business assets

1. Short title

This Act may be cited as the "Growing America’s Small Businesses and Manufacturing Act".

2. Permanent extension of allowance for depreciation, amortization, or depletion in determining the limitation on business interest

(a) In general - Section 163(j)(8)(A)(v) of the Internal Revenue Code of 1986 is amended by striking "in the case of taxable years beginning before January 1, 2022,".

(b) Effective date - The amendment made by this section shall apply to taxable years beginning after December 31, 2024.

3. 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 "$2,500,000", and

(2) - by striking "$2,500,000" in paragraph (2) and inserting "$4,000,000".

(b) Inflation adjustment - Section 179(b)(6)(A) of such Code is amended—

(1) - by striking "2018" and inserting "2025 (2018 in the case of the dollar amount in paragraph (5)(A))", and

(2) - by striking "calendar year 2017" in clause (ii) thereof and inserting ""calendar year 2024" ("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, 2024.