summary
Introduced
07/27/2023
07/27/2023
In Committee
07/27/2023
07/27/2023
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 dollar limitation for the election to expense certain depreciable business assets.
AI Summary
This bill, the Small Business Growth Act, aims to amend the Internal Revenue Code to increase the dollar limitation for the election to expense certain depreciable business assets. Specifically, it raises the limit on the amount of such assets that a business can immediately deduct from $1 million to $2.5 million, and increases the phase-out threshold from $2.5 million to $4 million. The bill also adjusts these limits for inflation beginning in 2024 (or 2017 for the $1 million/$2.5 million amounts). These changes are intended to provide more generous tax treatment for small businesses to help facilitate their growth and investment.
Committee Categories
Budget and Finance
Sponsors (7)
John Barrasso (R)*,
Marsha Blackburn (R),
Mike Braun (R),
Kevin Cramer (R),
James Lankford (R),
Jim Risch (R),
Thom Tillis (R),
Last Action
Read twice and referred to the Committee on Finance. (on 07/27/2023)
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/senate-bill/2609/all-info |
| BillText | https://www.congress.gov/118/bills/s2609/BILLS-118s2609is.pdf |
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