summary
Introduced
05/25/2023
05/25/2023
In Committee
05/25/2023
05/25/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to increase the limitations on expensing of depreciable business assets.
AI Summary
This bill, the Small Business Growth Act, aims to increase the limitations on expensing of depreciable business assets. Specifically, it amends the Internal Revenue Code to raise the annual limit on the amount businesses can deduct for eligible equipment and property purchases from $1 million to $2 million, and the phase-out threshold from $2.5 million to $3.5 million. Additionally, it adjusts these thresholds for inflation starting in 2024 (2017 for the $1 million limit). These changes are intended to provide greater tax benefits for small businesses and encourage investment in their growth.
Committee Categories
Budget and Finance
Sponsors (12)
Blake Moore (R)*,
Vern Buchanan (R),
Randy Feenstra (R),
Drew Ferguson (R),
Michelle Fischbach (R),
Brian Fitzpatrick (R),
Mike Kelly (R),
David Kustoff (R),
Mike Lawler (R),
Adrian Smith (R),
Michelle Steel (R),
Claudia Tenney (R),
Last Action
Referred to the House Committee on Ways and Means. (on 05/25/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-bill/3661/all-info |
| BillText | https://www.congress.gov/118/bills/hr3661/BILLS-118hr3661ih.pdf |
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