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Increased Tax Deductions for Small Business Equipment Purchases

This act raises the amounts small businesses can deduct from their taxes for purchasing new equipment and other assets. This allows entrepreneurs to invest more in growth, potentially leading to new job creation and improved services. The changes will take effect from 2024.
Key points
The deduction limit for equipment purchases increases from $1 million to $2 million.
The total spending threshold, after which the deduction begins to phase out, increases from $2.5 million to $3.5 million.
These amounts will be adjusted annually for inflation, starting in 2024.
The changes apply to property placed in service in taxable years beginning after December 31, 2023.
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Status:
Expired
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Additional Information
Print number: 118_HR_3661
Sponsor: Rep. Moore, Blake D. [R-UT-1]
Process start date: 2023-05-25
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Small Business Growth Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_3661.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-05-25.

What are the main provisions?

Key points include:

  • The deduction limit for equipment purchases increases from $1 million to $2 million.
  • The total spending threshold, after which the deduction begins to phase out, increases from $2.5 million to $3.5 million.
  • These amounts will be adjusted annually for inflation, starting in 2024.
  • The changes apply to property placed in service in taxable years beginning after December 31, 2023.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Moore, Blake D. [R-UT-1].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes Economy