H.R. 3661

Small Business Growth Act

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I

118th CONGRESS

1st Session

H. R. 3661

IN THE HOUSE OF REPRESENTATIVES

May 25, 2023

Mr. Moore of Utah (for himself, Mr. Fitzpatrick, Mrs. Steel, Mr. Smith of Nebraska, Mrs. Fischbach, Mr. Kelly of Pennsylvania, Mr. Kustoff, Ms. Tenney, Mr. Ferguson, Mr. Feenstra, and Mr. Buchanan) 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.

1.

Short title

This Act may be cited as the Small Business Growth Act.

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 2024 (2018 in the case of the dollar amount in paragraph (5)(A)), and

(2)

by striking calendar year 2017 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, 2023.