S. 2609 — Introduced in Senate

II 118th CONGRESS 1st Session S. 2609 IN THE SENATE OF THE UNITED STATES July 27, 2023Mr. 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. 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 $2,500,000, 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.