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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.
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Additional Information
Print number: 118_S_2609
Sponsor: Sen. Barrasso, John [R-WY]
Process start date: 2023-07-27
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Summarized by: gemini-2.5-flash-preview-09-2025
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_S_2609.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-07-27.

What are the main provisions?

Key points include:

  • 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.
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 Sen. Barrasso, John [R-WY].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Taxes Economy