H.R. 354 — Introduced in House

I 119th CONGRESS 1st Session H. R. 354 IN THE HOUSE OF REPRESENTATIVES January 13, 2025Mr. Moore of Utah (for himself, Mr. Buchanan, Mr. Smith of Nebraska, Mr. Smucker, Mrs. Miller of West Virginia, Mr. Fitzpatrick, and Ms. Tenney) 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 2026 (2018 in the case of the dollar amount in paragraph (5)(A)), and (2) by striking calendar year 2017 and inserting calendar year 2025 (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, 2025.