119-hr354

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 354 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 354

To amend the Internal Revenue Code of 1986 to increase the limitations 
 on expensing of depreciable business assets.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 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

_______________________________________________________________________

 A BILL

To amend the Internal Revenue Code of 1986 to increase the limitations 
 on expensing of depreciable business assets.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

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.
 <all>