118TH CONGRESS 
2D SESSION 
H. R. 7024 
AN ACT 
To make improvements to the child tax credit, to provide 
tax incentives to promote economic growth, to provide 
special rules for the taxation of certain residents of Tai-
wan with income from sources within the United States, 
to provide tax relief with respect to certain Federal disas-
ters, to make improvements to the low-income housing 
tax credit, and for other purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS; ETC. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Tax Relief for American Families and Workers Act of 
2024’’. 
(b) AMENDMENT OF 1986 CODE.—Except as other-
wise expressly provided, whenever in this Act an amend-
ment or repeal is expressed in terms of an amendment 
to, or repeal of, a section or other provision, the reference 
shall be considered to be made to a section or other provi-
sion of the Internal Revenue Code of 1986. 
(c) TABLE OF CONTENTS.—The table of contents of 
this Act is as follows: 
Sec. 1. Short title; table of contents; etc. 
TITLE I—TAX RELIEF FOR WORKING FAMILIES 
Sec. 101. Per-child calculation of refundable portion of child tax credit. 
Sec. 102. Increase in refundable portion. 
Sec. 103. Inflation of credit amount. 
Sec. 104. Rule for determination of earned income. 
Sec. 105. Special rule for certain early-filed 2023 returns. 
TITLE II—AMERICAN INNOVATION AND GROWTH 
Sec. 201. Deduction for domestic research and experimental expenditures. 
Sec. 202. Extension of allowance for depreciation, amortization, or depletion in 
determining the limitation on business interest. 
Sec. 203. Extension of 100 percent bonus depreciation. 
Sec. 204. Increase in limitations on expensing of depreciable business assets. 
TITLE III—INCREASING GLOBAL COMPETITIVENESS 
Subtitle A—United States-Taiwan Expedited Double-Tax Relief Act 
Sec. 301. Short title. 
Sec. 302. Special rules for taxation of certain residents of Taiwan. 
Subtitle B—United States-Taiwan Tax Agreement Authorization Act
Sec. 311. Short title. 
Sec. 312. Definitions. 
Sec. 313. Authorization to negotiate and enter into agreement. 
Sec. 314. Consultations with Congress. 
Sec. 315. Approval and implementation of agreement. 
Sec. 316. Submission to Congress of agreement and implementation policy. 
Sec. 317. Consideration of approval legislation and implementing legislation. 
Sec. 318. Relationship of agreement to Internal Revenue Code of 1986. 
Sec. 319. Authorization of subsequent tax agreements relative to Taiwan. 
Sec. 320. United States treatment of double taxation matters with respect to 
Taiwan. 
TITLE IV—ASSISTANCE FOR DISASTER-IMPACTED COMMUNITIES 
Sec. 401. Short title. 
Sec. 402. Extension of rules for treatment of certain disaster-related personal 
casualty losses. 
Sec. 403. Exclusion from gross income for compensation for losses or damages 
resulting from certain wildfires. 
Sec. 404. East Palestine disaster relief payments. 
TITLE V—MORE AFFORDABLE HOUSING 
Sec. 501. State housing credit ceiling increase for low-income housing credit. 
Sec. 502. Tax-exempt bond financing requirement. 
TITLE VI—TAX ADMINISTRATION AND ELIMINATING FRAUD 
Sec. 601. Increase in threshold for requiring information reporting with respect 
to certain payees. 
Sec. 602. Enforcement provisions with respect to COVID-related employee re-
tention credits. 
TITLE I—TAX RELIEF FOR 
WORKING FAMILIES 
SEC. 101. PER-CHILD CALCULATION OF REFUNDABLE POR-
TION OF CHILD TAX CREDIT. 
(a) IN GENERAL.—Subparagraph (A) of section 
24(h)(5) is amended to read as follows: 
‘‘(A) IN GENERAL.—In applying subsection 
(d)— 
‘‘(i) the amount determined under 
paragraph (1)(A) of such subsection with 
respect to any qualifying child shall not ex-
ceed $1,400, and such paragraph shall be 
applied without regard to paragraph (4) of 
this subsection, and 
‘‘(ii) paragraph (1)(B) of such sub-
section shall be applied by multiplying each 
of— 
‘‘(I) 
the 
amount 
determined 
under clause (i) thereof, and 
‘‘(II) 
the 
excess 
determined 
under clause (ii) thereof, 
by the number of qualifying children of the 
taxpayer.’’. 
(b) CONFORMING AMENDMENT.—The heading of 
paragraph (5) of section 24(h) is amended by striking 
‘‘MAXIMUM AMOUNT OF’’ and inserting ‘‘SPECIAL RULES 
FOR’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2022. 
SEC. 102. INCREASE IN REFUNDABLE PORTION. 
(a) IN GENERAL.—Paragraph (5) of section 24(h) is 
amended by redesignating subparagraph (B) as subpara-
graph (C) and by inserting after subparagraph (A) the 
following new subparagraph:
‘‘(B) AMOUNTS
FOR
2023, 
2024, 
AND 
2025.—In the case of a taxable year beginning 
after 2022, subparagraph (A) shall be applied 
by substituting for ‘$1,400’— 
‘‘(i) in the case of taxable year 2023, 
‘$1,800’, 
‘‘(ii) in the case of taxable year 2024, 
‘$1,900’, and 
‘‘(iii) in the case of taxable year 2025, 
‘$2,000’.’’. 
(b) CONFORMING AMENDMENT.—Subparagraph (C) 
of section 24(h)(5), as redesignated by subsection (a), is 
amended by inserting ‘‘and before 2023’’ after ‘‘2018’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2022. 
SEC. 103. INFLATION OF CREDIT AMOUNT. 
(a) IN GENERAL.—Paragraph (2) of section 24(h) is 
amended— 
(1) by striking ‘‘AMOUNT.—Subsection’’ and in-
serting ‘‘AMOUNT.— 
‘‘(A) IN GENERAL.—Subsection’’, and 
(2) by adding at the end the following new sub-
paragraph:
‘‘(B) ADJUSTMENT
FOR
INFLATION.—In 
the case of a taxable year beginning after 2023, 
the $2,000 amounts in subparagraph (A) and 
paragraph (5)(B)(iii) shall each be increased by 
an amount equal to— 
‘‘(i) such dollar amount, multiplied by 
‘‘(ii) the cost-of-living adjustment de-
termined under section 1(f)(3) for the cal-
endar year in which the taxable year be-
gins, determined by substituting ‘2022’ for 
‘2016’ in subparagraph (A)(ii) thereof. 
If any increase under this clause is not a mul-
tiple of $100, such increase shall be rounded to 
the next lowest multiple of $100.’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2023. 
SEC. 104. RULE FOR DETERMINATION OF EARNED INCOME. 
(a) IN GENERAL.—Paragraph (6) of section 24(h) of 
the Internal Revenue Code of 1986 is amended— 
(1) by striking ‘‘CREDIT.—Subsection’’ and in-
serting ‘‘CREDIT.— 
‘‘(A) IN GENERAL.—Subsection’’, and 
(2) by adding at the end the following new sub-
paragraphs
‘‘(B) RULE
FOR
DETERMINATION
OF 
EARNED INCOME.— 
‘‘(i) IN GENERAL.—In the case of a 
taxable year beginning after 2023, if the 
earned income of the taxpayer for such 
taxable year is less than the earned income 
of the taxpayer for the preceding taxable 
year, subsection (d)(1)(B)(i) may, at the 
election of the taxpayer, be applied by sub-
stituting— 
‘‘(I) the earned income for such 
preceding taxable year, for 
‘‘(II) the earned income for the 
current taxable year. 
‘‘(ii) APPLICATION
TO
JOINT
RE-
TURNS.—For purposes of clause (i), in the 
case of a joint return, the earned income 
of the taxpayer for the preceding taxable 
year shall be the sum of the earned income 
of each spouse for such preceding taxable 
year.’’. 
(b) ERRORS
TREATED
AS
MATHEMATICAL
ER-
RORS.—Paragraph (2) of section 6213(g) of the Internal 
Revenue Code of 1986 is amended by striking ‘‘and’’ at 
the end of subparagraph (U), by striking the period at
the end of subparagraph (V) and inserting ‘‘, and’’, and 
by inserting after subparagraph (V) the following new sub-
paragraph: 
‘‘(W) in the case of a taxpayer electing the 
application of section 24(h)(6)(B) for any tax-
able year, an entry on a return of earned in-
come pursuant to such section which is incon-
sistent with the amount of such earned income 
determined by the Secretary for the preceding 
taxable year.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2023. 
SEC. 105. SPECIAL RULE FOR CERTAIN EARLY-FILED 2023 
RETURNS. 
In the case of an individual who claims, on the tax-
payer’s return of tax for the first taxable year beginning 
after December 31, 2022, a credit under section 24 of the 
Internal Revenue Code of 1986 which is determined with-
out regard to the amendments made by sections 101 and 
102 of this Act, the Secretary of the Treasury (or the Sec-
retary’s delegate) shall, to the maximum extent prac-
ticable— 
(1) redetermine the amount of such credit 
(after taking into account such amendments) on the
basis of the information provided by the taxpayer on 
such return, and 
(2) to the extent that such redetermination re-
sults in an overpayment of tax, credit or refund such 
overpayment as expeditiously as possible. 
TITLE II—AMERICAN 
INNOVATION AND GROWTH 
SEC. 201. DEDUCTION FOR DOMESTIC RESEARCH AND EX-
PERIMENTAL EXPENDITURES. 
(a) DELAY OF AMORTIZATION OF DOMESTIC RE-
SEARCH AND EXPERIMENTAL EXPENDITURES.—Section 
174 is amended by adding at the end the following new 
subsection: 
‘‘(e) SUSPENSION OF APPLICATION OF SECTION TO 
DOMESTIC RESEARCH
AND EXPERIMENTAL EXPENDI-
TURES.—In the case of any domestic research or experi-
mental expenditures (as defined in section 174A(b)), this 
section— 
‘‘(1) shall apply to such expenditures paid or 
incurred in taxable years beginning after December 
31, 2025, and 
‘‘(2) shall not apply to such expenditures paid 
or incurred in taxable years beginning on or before 
such date.’’.
(b) REINSTATEMENT OF EXPENSING FOR DOMESTIC 
RESEARCH AND EXPERIMENTAL EXPENDITURES.—Part 
VI of subchapter B of chapter 1 is amended by inserting 
after section 174 the following new section: 
‘‘SEC. 174A. TEMPORARY RULES FOR DOMESTIC RESEARCH 
AND EXPERIMENTAL EXPENDITURES. 
‘‘(a) TREATMENT AS EXPENSES.—Notwithstanding 
section 263, there shall be allowed as a deduction any do-
mestic research or experimental expenditures which are 
paid or incurred by the taxpayer during the taxable year. 
‘‘(b) DOMESTIC RESEARCH OR EXPERIMENTAL EX-
PENDITURES.—For purposes of this section, the term ‘do-
mestic research or experimental expenditures’ means re-
search or experimental expenditures paid or incurred by 
the taxpayer in connection with the taxpayer’s trade or 
business other than such expenditures which are attrib-
utable to foreign research (within the meaning of section 
41(d)(4)(F)). 
‘‘(c) AMORTIZATION
OF CERTAIN DOMESTIC RE-
SEARCH AND EXPERIMENTAL EXPENDITURES.— 
‘‘(1) IN GENERAL.—At the election of the tax-
payer, made in accordance with regulations or other 
guidance provided by the Secretary, in the case of 
domestic research or experimental expenditures 
which would (but for subsection (a)) be chargeable
to capital account but not chargeable to property of 
a character which is subject to the allowance under 
section 167 (relating to allowance for depreciation, 
etc.) or section 611 (relating to allowance for deple-
tion), subsection (a) shall not apply and the tax-
payer shall— 
‘‘(A) charge such expenditures to capital 
account, and 
‘‘(B) be allowed an amortization deduction 
of such expenditures ratably over such period of 
not less than 60 months as may be selected by 
the taxpayer (beginning with the month in 
which the taxpayer first realizes benefits from 
such expenditures). 
‘‘(2) TIME FOR AND SCOPE OF ELECTION.—The 
election provided by paragraph (1) may be made for 
any taxable year, but only if made not later than the 
time prescribed by law for filing the return for such 
taxable year (including extensions thereof). The 
method so elected, and the period selected by the 
taxpayer, shall be adhered to in computing taxable 
income for the taxable year for which the election is 
made and for all subsequent taxable years unless, 
with the approval of the Secretary, a change to a 
different method (or to a different period) is author-
167, and allowances under section 611, shall be con-
sidered as expenditures. 
‘‘(2) EXPLORATION EXPENDITURES.—This sec-
tion shall not apply to any expenditure paid or in-
curred for the purpose of ascertaining the existence, 
location, extent, or quality of any deposit of ore or 
other mineral (including oil and gas). 
‘‘(3) SOFTWARE DEVELOPMENT.—For purposes 
of this section, any amount paid or incurred in con-
nection with the development of any software shall 
be treated as a research or experimental expendi-
ture. 
‘‘(f) TERMINATION.— 
‘‘(1) IN GENERAL.—This section shall not apply 
to amounts paid or incurred in taxable years begin-
ning after December 31, 2025. 
‘‘(2) CHANGE IN METHOD OF ACCOUNTING.—In 
the case of a taxpayer’s first taxable year beginning 
after December 31, 2025, paragraph (1) (and the 
corresponding application of section 174) shall be 
treated as a change in method of accounting for pur-
poses of section 481 and— 
‘‘(A) such change shall be treated as initi-
ated by the taxpayer,
‘‘(B) such change shall be treated as made 
with the consent of the Secretary, and 
‘‘(C) such change shall be applied only on 
a cut-off basis for any domestic research or ex-
perimental expenditures paid or incurred in tax-
able years beginning after December 31, 2025, 
and no adjustment under section 481(a) shall 
be made.’’. 
(c) COORDINATION WITH CERTAIN OTHER PROVI-
SIONS.— 
(1) RESEARCH CREDIT.— 
(A) Section 41(d)(1)(A) is amended by in-
serting ‘‘or domestic research or experimental 
expenditures under section 174A’’ after ‘‘sec-
tion 174’’. 
(B) Section 280C(c)(1) is amended to read 
as follows: 
‘‘(1) IN GENERAL.—The domestic research or 
experimental expenditures otherwise taken into ac-
count under section 174 or 174A (as the case may 
be) shall be reduced by the amount of the credit al-
lowed under section 41(a).’’. 
(2) AMT ADJUSTMENT.—Section 56(b)(2) is 
amended by striking ‘‘174(a)’’ each place it appears 
and inserting ‘‘174A(a)’’.
(3) OPTIONAL
10-YEAR
WRITEOFF.—Section 
59(e)(2)(B) is amended by striking ‘‘section 174(a) 
(relating to research and experimental expendi-
tures)’’ and inserting ‘‘section 174A(a) (relating to 
temporary rules for domestic research and experi-
mental expenditures)’’. 
(4) QUALIFIED SMALL ISSUE BONDS.—Section 
144(a)(4)(C)(iv) is amended by striking ‘‘174(a)’’ 
and inserting ‘‘174A(a)’’. 
(5) 
START-UP
EXPENDITURES.—Section 
195(c)(1) is amended by striking ‘‘or 174’’ in the 
last sentence and inserting ‘‘174, or 174A’’. 
(6) CAPITAL EXPENDITURES.— 
(A) Section 263(a)(1)(B) is amended by 
inserting ‘‘ or 174A’’ after ‘‘174’’. 
(B) Section 263A(c)(2) is amended by in-
serting ‘‘or 174A’’ after ‘‘174’’. 
(7) ACTIVE
BUSINESS
COMPUTER
SOFTWARE 
ROYALTIES.—Section 543(d)(4)(A)(i) is amended by 
inserting ‘‘174A,’’ after ‘‘174,’’. 
(8) SOURCE
RULES.—Section 864(g)(2) is 
amended in the last sentence— 
(A) by striking ‘‘treated as deferred ex-
penses under subsection (b) of section 174’’ and
inserting ‘‘allowed as an amortization deduction 
under section 174(a) or section 174A(c),’’, and 
(B) by striking ‘‘such subsection’’ and in-
serting ‘‘such section (as the case may be)’’. 
(9) BASIS ADJUSTMENT.—Section 1016(a)(14) 
is amended by striking ‘‘deductions as deferred ex-
penses under section 174(b)(1) (relating to research 
and experimental expenditures)’’ and inserting ‘‘de-
ductions under section 174 or 174A’’. 
(10) 
SMALL
BUSINESS
STOCK.—Section 
1202(e)(2)(B) is amended by striking ‘‘research and 
experimental expenditures under section 174’’ and 
inserting ‘‘specified research or experimental expend-
itures under section 174 or domestic research or ex-
perimental expenditures under section 174A’’. 
(d) CONFORMING AMENDMENTS.— 
(1) Section 13206 of Public Law 115–97 is 
amended by striking subsection (b) (relating to 
change in method of accounting). 
(2) The table of sections for part VI of sub-
chapter B of chapter 1 is amended by inserting after 
the item relating to section 174 the following new 
item: 
‘‘Sec. 174A. Temporary rules for domestic research and experimental expendi-
tures.’’. 
(e) EFFECTIVE DATE.—
(1) IN
GENERAL.—Except as otherwise pro-
vided in this subsection, the amendments made by 
this section shall apply to amounts paid or incurred 
in taxable years beginning after December 31, 2021. 
(2) COORDINATION WITH RESEARCH CREDIT.— 
The amendment made by subsection (c)(1)(B) shall 
apply to taxable years beginning after December 31, 
2022. 
(3) REPEAL
OF
SUPERCEDED
CHANGE
IN 
METHOD OF ACCOUNTING RULES.—The amendment 
made by subsection (d)(1) shall take effect as if in-
cluded in Public Law 115–97. 
(4) NO INFERENCE WITH RESPECT TO COORDI-
NATION WITH RESEARCH CREDIT FOR PRIOR PERI-
ODS.—The 
amendment 
made 
by 
subsection 
(c)(1)(B) shall not be construed to create any infer-
ence with respect to the proper application of section 
280C(c) of the Internal Revenue Code of 1986 with 
respect to taxable years beginning before January 1, 
2023. 
(f) TRANSITION RULES.— 
(1) IN
GENERAL.—Except as otherwise pro-
vided by the Secretary, an election made under sub-
section (c) or (d) of section 174A of the Internal 
Revenue Code of 1986 (as added by this section) for
the taxpayer’s first taxable year beginning after De-
cember 31, 2021, shall not fail to be treated as time-
ly made (or as made on the return) if made during 
the 1-year period beginning on the date of the enact-
ment of this Act on an amended return for the tax-
payer’s first taxable year beginning after December 
31, 2021, or in such other manner as the Secretary 
may provide. 
(2) ELECTION
REGARDING
TREATMENT
AS 
CHANGE IN METHOD OF ACCOUNTING.—In the case 
of any taxpayer which (as of the date of the enact-
ment of this Act) had adopted a method of account-
ing provided by section 174 of the Internal Revenue 
Code of 1986 (as in effect prior to the amendments 
made by this section) for the taxpayer’s first taxable 
year beginning after December 31, 2021, and elects 
the application of this paragraph— 
(A) the amendments made by this section 
shall be treated as a change in method of ac-
counting for purposes of section 481 of such 
Code, 
(B) such change shall be treated as initi-
ated by the taxpayer for the taxpayer’s imme-
diately succeeding taxable year,
(C) such change shall be treated as made 
with the consent of the Secretary, 
(D) such change shall be applied on a 
modified cut-off basis, taking into account for 
purposes of section 481(a) of such Code only 
the domestic research or experimental expendi-
tures (as defined in section 174A(b) of such 
Code (as added by this section) and determined 
by applying the rules of section 174A(e) of such 
Code) paid or incurred in the taxpayer’s first 
taxable year beginning after December 31, 
2021, and not allowed as a deduction in such 
taxable year, and 
(E) in the case of a taxpayer which elects 
the application of this subparagraph, the 
amount of such change (as determined under 
subparagraph (D)) shall be taken into account 
ratably over the 2-taxable-year period beginning 
with the taxable year referred to in subpara-
graph (B). 
(3) ELECTION
REGARDING
10-YEAR
WRITE-
OFF.— 
(A) IN
GENERAL.—Except as otherwise 
provided by the Secretary, an eligible taxpayer 
which files, during the 1-year period beginning
on the date of the enactment of this Act, an 
amended income tax return for the taxable year 
described in subparagraph (B)(ii) may elect the 
application of section 59(e) of the Internal Rev-
enue Code of 1986 with respect to qualified ex-
penditures described in section 59(e)(2)(B) of 
such Code (as amended by subsection (c)(3)) 
with respect to such taxable year. Such election 
shall be filed with such amended income tax re-
turn and shall be effective only to the extent 
that such election would have been effective if 
filed with the original income tax return for 
such taxable year (determined after taking into 
account the amendment made by subsection 
(c)(3)). 
(B) ELIGIBLE
TAXPAYER.—For purposes 
of subparagraph (A), the term ‘‘eligible tax-
payer’’ means any taxpayer which— 
(i) does not elect the application of 
paragraph (2), and 
(ii) filed an income tax return for 
such taxpayer’s first taxable year begin-
ning after December 31, 2021, before the 
earlier of—
(I) the due date for such return, 
and 
(II) the date of the enactment of 
this Act. 
(4) 
ELECTION
REGARDING
COORDINATION 
WITH RESEARCH CREDIT.—Except as otherwise pro-
vided by the Secretary, an eligible taxpayer (as de-
fined in paragraph (3)(B) without regard to clause 
(i) thereof) which files, during the 1-year period be-
ginning on the date of the enactment of this Act, an 
amended income tax return for the taxpayer’s first 
taxable year beginning after December 31, 2021, 
may, notwithstanding subparagraph (C) of section 
280C(c)(2) of the Internal Revenue Code of 1986 
make, or revoke, on such amended return the elec-
tion under such section for such taxable year. 
SEC. 202. EXTENSION OF ALLOWANCE FOR DEPRECIATION, 
AMORTIZATION, OR DEPLETION IN DETER-
MINING THE LIMITATION ON BUSINESS IN-
TEREST. 
(a) IN GENERAL.—Section 163(j)(8)(A)(v) is amend-
ed by striking ‘‘January 1, 2022’’ and inserting ‘‘January 
1, 2026’’. 
(b) EFFECTIVE DATE.—
(1) IN
GENERAL.—Except as otherwise pro-
vided in this subsection, the amendment made by 
this section shall apply to taxable years beginning 
after December 31, 2023. 
(2) ELECTION TO APPLY EXTENSION RETRO-
ACTIVELY.—In the case of a taxpayer which elects 
(at such time and in such manner as the Secretary 
may provide) the application of this paragraph, 
paragraph (1) shall be applied by substituting ‘‘De-
cember 31, 2021’’ for ‘‘December 31, 2023’’. 
SEC. 203. EXTENSION OF 100 PERCENT BONUS DEPRECIA-
TION. 
(a) IN GENERAL.—Section 168(k)(6)(A) is amend-
ed— 
(1) in clause (i)— 
(A) by striking ‘‘2023’’ and inserting 
‘‘2026’’, and 
(B) by adding ‘‘and’’ at the end, and 
(2) by striking clauses (ii), (iii), and (iv), and 
redesignating clause (v) as clause (ii). 
(b) PROPERTY WITH LONGER PRODUCTION PERI-
ODS.—Section 168(k)(6)(B) is amended— 
(1) in clause (i)— 
(A) by striking ‘‘2024’’ and inserting 
‘‘2027’’, and
(B) by adding ‘‘and’’ at the end, and 
(2) by striking clauses (ii), (iii), and (iv), and 
redesignating clause (v) as clause (ii). 
(c) PLANTS BEARING FRUITS AND NUTS.—Section 
168(k)(6)(C) is amended— 
(1) in clause (i)— 
(A) by striking ‘‘2023’’ and inserting 
‘‘2026’’, and 
(B) by adding ‘‘and’’ at the end, and 
(2) by striking clauses (ii), (iii), and (iv), and 
redesignating clause (v) as clause (ii). 
(d) EFFECTIVE DATES.— 
(1) IN
GENERAL.—Except as otherwise pro-
vided in this subsection, the amendments made by 
this section shall apply to property placed in service 
after December 31, 2022. 
(2) PLANTS BEARING FRUITS AND NUTS.—The 
amendments made by subsection (c) shall apply to 
specified plants planted or grafted after December 
31, 2022. 
SEC. 204. INCREASE IN LIMITATIONS ON EXPENSING OF DE-
PRECIABLE BUSINESS ASSETS. 
(a) IN GENERAL.—Section 179(b) is amended— 
(1) by striking ‘‘$1,000,000’’ in paragraph (1) 
and inserting ‘‘$1,290,000’’, and