119-s1688

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1688 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 S. 1688

 To amend the Internal Revenue Code of 1986 to permanently extend the 
allowance for depreciation, amortization, or depletion for purposes of 
 determining the income limitation on the deduction for business 
 interest, and for other purposes.

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 May 8, 2025

 Mr. Barrasso (for himself, Mrs. Capito, Mrs. Blackburn, Mr. Lankford, 
 Mr. Daines, Mr. Young, Mrs. Britt, Mr. Ricketts, Mr. Tuberville, Mr. 
Sheehy, Mr. Hoeven, and Mr. Cruz) introduced the following bill; which 
 was read twice and referred to the Committee on Finance

_______________________________________________________________________

 A BILL

 To amend the Internal Revenue Code of 1986 to permanently extend the 
allowance for depreciation, amortization, or depletion for purposes of 
 determining the income limitation on the deduction for business 
 interest, and for other purposes.

 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 ``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 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.

SEC. 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.
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