II
119th CONGRESS
1st Session
S. 1688
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.
Short title
This Act may be cited as the Growing America’s Small Businesses and Manufacturing Act
.
Permanent extension of allowance for depreciation, amortization, or depletion in determining the limitation on business interest
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,
.
Effective date
The amendment made by this section shall apply to taxable years beginning after December 31, 2024.
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 2025 (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 2024
(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, 2024.