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Increased Tax Deduction Limit for Farm Equipment Purchases.

This bill significantly raises the amount farmers can immediately deduct from their taxable income for purchasing new machinery, equipment, and certain property. The deduction limit for farming businesses is increased to $1.5 million, encouraging modernization and investment in the agricultural sector. These changes take effect for property placed in service after December 31, 2024, providing substantial financial relief to farmers.
Key points
Farmers can immediately deduct up to $1.5 million of the cost of qualifying farm property in the year it is purchased (Section 179 deduction).
This new limit will be adjusted annually for inflation starting in the 2026 tax year.
The measure aims to provide financial relief and incentivize capital investment by agricultural businesses.
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Status:
Expired
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Additional Information
To amend the Internal Revenue Code of 1986 to allow an increased dollar limitation for section 179 property placed in service in the trade or business of farming.
Print number: HR 9761
Sponsor: Rep. Lopez, Greg [R-CO-4]
Process start date: 2024-09-23
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-09-2025
Source data: api.congress.gov
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Summary & Status

Key Questions about Increased Tax Deduction Limit for Farm Equipment Purchases.

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is HR 9761.

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 2024-09-23.

What are the main provisions?

Key points include:

  • Farmers can immediately deduct up to $1.5 million of the cost of qualifying farm property in the year it is purchased (Section 179 deduction).
  • This new limit will be adjusted annually for inflation starting in the 2026 tax year.
  • The measure aims to provide financial relief and incentivize capital investment by agricultural businesses.

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. Lopez, Greg [R-CO-4].

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 2025-12-26.

Analysis and Potential Impact of HR 9761

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. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

CATEGORIES

Taxes Agriculture