II
118th CONGRESS
1st Session
S. 2609
IN THE SENATE OF THE UNITED STATES
July 27, 2023
Mr. Barrasso (for himself, Mr. Lankford, Mrs. Blackburn, Mr. Tillis, Mr. Braun, Mr. Risch, and Mr. Cramer) 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 increase the dollar limitation for the election to expense certain depreciable business assets.
Short title
This Act may be cited as the Small Business Growth Act
.
Increase in limitations on expensing of depreciable business assets
In general
Section 179(b) of the Internal Revenue Code of 1986 is amended—
by striking $1,000,000
in paragraph (1) and inserting $2,500,000
, and
by striking $2,500,000
in paragraph (2) and inserting $4,000,000
.
Inflation adjustment
Section 179(b)(6)(A) of such Code is amended—
by striking 2018
and inserting 2024 (2018 in the case of the dollar amount in paragraph (5)(A))
, and
by striking calendar year 2017
in clause (ii) thereof and inserting
.calendar year 2023
(calendar year 2017
in the case of the dollar amount in paragraph (5)(A))
Effective date
The amendments made by this section shall apply to property placed in service in taxable years beginning after December 31, 2023.