Increased Tax Deductions for Small Business Equipment Purchases.
This Act significantly raises the tax deduction limits for small businesses purchasing new equipment and assets. Companies can now immediately deduct up to $2.5 million in investment costs, rather than spreading them out over several years. This measure aims to encourage investment and support the economic growth of small enterprises.
Key points
The limit for immediate expensing of equipment purchases (Section 179) increases from $1 million to $2.5 million.
The threshold at which the deduction begins to phase out increases from $2.5 million to $4 million.
These changes apply to assets placed in service in taxable years beginning after December 31, 2023.
Status:
Expired
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