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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9761 Introduced in House (IH)]

<DOC>

118th CONGRESS
  2d Session
                                H. R. 9761

To amend the Internal Revenue Code of 1986 to allow an increased dollar 
 limitation for section 179 property placed in service in the trade or 
                          business of farming.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                           September 23, 2024

  Mr. Lopez 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 allow an increased dollar 
 limitation for section 179 property placed in service in the trade or 
                          business of farming.

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

SECTION 1. INCREASED SECTION 179 PROPERTY LIMIT FOR FARMING PROPERTY.

    (a) In General.--Section 179(b) of the Internal Revenue Code of 
1986 is amended by redesignating paragraph (6) as paragraph (7) and by 
inserting after paragraph (5) the following new paragraph:
            ``(6) Increased limitation for farming property.--
        Notwithstanding paragraph (1), in the case of any section 179 
        property placed in service by the taxpayer in the trade or 
        business of farming, the aggregate cost of such property which 
        may be taken into account under subsection (a) for the taxable 
        year shall not be less than an amount equal to $1,500,000, 
        reduced by the cost of any other section 179 property which--
                    ``(A) is taken into account by the taxpayer under 
                subsection (a) for the taxable year, and
                    ``(B) is placed in service by the taxpayer in a 
                trade or business other than farming.''.
    (b) Conforming Amendment.--Section 179(b)(2) of such Code is 
amended by striking ``limitation under paragraph (1)'' and inserting 
``limitations under paragraphs (1) and (6)''.
    (c) Inflation Adjustment.--Section 179(b)(7) of such Code (as 
redesignated by subsection (a)) is amended by redesignating 
subparagraph (B) as subparagraph (C) and by inserting after 
subparagraph (A) the following new subparagraph:
                    ``(B) Farming property limitation.--In the case of 
                any taxable year beginning after 2025, the dollar 
                amount in paragraph (6) shall be increased by an amount 
                equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for the 
                        calendar year in which the taxable year begins, 
                        determined by substituting `calendar year 2024' 
                        for `calendar year 2016' in subparagraph 
                        (A)(ii) thereof.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2024.
                                 <all>
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