Growing America’s Small Businesses and Manufacturing Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1688 Introduced in Senate (IS)]

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119th CONGRESS
  1st Session
                                S. 1688

 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.


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                   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.

    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 ``Growing America's Small Businesses 
and Manufacturing Act''.

SEC. 2. PERMANENT EXTENSION OF ALLOWANCE FOR DEPRECIATION, 
              AMORTIZATION, OR DEPLETION IN DETERMINING THE LIMITATION 
              ON BUSINESS INTEREST.

    (a) 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,''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2024.

SEC. 3. 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 ``2025 (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 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, 2024.
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