Small Business Growth Act

Bill: 118-hr-3661
Sponsor: full_name: Rep. Moore, Blake D. [R-UT-1]
Introduced: 2023-05-25
Policy area: Taxation
Latest action: action_date: 2023-05-25
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-05-25
action_desc: Introduced in House
text: <p> <strong>Small Business Growth Act </strong></p> <p>This bill increases from $1 million to $2 million to the limitation on expensing of depreciable business assets. It also increases the asset threshold amount used to reduce the expensing limitation.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 3661 IN THE HOUSE OF REPRESENTATIVES May 25, 2023 Mr. Moore of Utah (for himself, Mr. Fitzpatrick , Mrs. Steel , Mr. Smith of Nebraska , Mrs. Fischbach , Mr. Kelly of Pennsylvania , Mr. Kustoff , Ms. Tenney , Mr. Ferguson , Mr. Feenstra , and Mr. Buchanan ) 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 increase the limitations on expensing of depreciable business assets.

1. Short title This Act may be cited as the Small Business Growth Act . 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 $2,000,000 , and (2) by striking $2,500,000 in paragraph (2) and inserting $3,500,000 . (b) Inflation adjustment Section 179(b)(6) 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 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, 2023.