Small Business Growth Act

Small Business Growth Act

This bill increases from $1 million to $2.5 million the limitation on expensing of depreciable business assets. It also increases the asset threshold amount used to reduce the expensing limitation.

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 2609 Introduced in Senate (IS)]

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118th CONGRESS
  1st Session
                                S. 2609

   To amend the Internal Revenue Code of 1986 to increase the dollar 
  limitation for the election to expense certain depreciable business 
                                assets.


_______________________________________________________________________


                   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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 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 ``$2,500,000'', and
            (2) by striking ``$2,500,000'' in paragraph (2) and 
        inserting ``$4,000,000''.
    (b) Inflation Adjustment.--Section 179(b)(6)(A) 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'' in clause (ii) 
        thereof and inserting ```calendar year 2023' (`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.
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