Introduced in Senate
Growing America’s Small Businesses and Manufacturing Act
SEC. 1. SHORT TITLETrack this section →
This Act may be cited as the Growing America’s Small Businesses and Manufacturing Act.
SEC. 2. PERMANENT EXTENSION OF ALLOWANCE FOR DEPRECIATION, AMORTIZATION, OR DEPLETION IN DETERMINING THE LIMITATION ON BUSINESS INTERESTTrack this section →
(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.
SEC. 3. INCREASE IN LIMITATIONS ON EXPENSING OF DEPRECIABLE BUSINESS ASSETSTrack this section →
(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.