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Permanent tax relief and higher investment deductions for small businesses and manufacturers.

This Act aims to permanently enhance tax relief for businesses, particularly small firms and manufacturers. Key changes include permanently allowing depreciation and amortization to be included when calculating the limit on business interest deductions, and significantly raising the limits for immediate expensing of business assets (Section 179). These measures are designed to encourage companies to invest more in equipment and growth, potentially leading to economic expansion and job creation.
Key points
Permanent inclusion of depreciation and amortization in calculating the limit on business interest deductions, making it easier for companies to finance growth.
The limit for immediate expensing of business assets (Section 179) increases from $1,000,000 to $2,500,000, resulting in greater tax savings for businesses purchasing new equipment.
The phase-out threshold for qualified property increases from $2,500,000 to $4,000,000, supporting larger investment projects by businesses.
The changes apply to taxable years beginning after December 31, 2024.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_1688
Sponsor: Sen. Barrasso, John [R-WY]
Process start date: 2025-05-08
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Growing America’s Small Businesses and Manufacturing Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_1688.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-05-08.

What are the main provisions?

Key points include:

  • Permanent inclusion of depreciation and amortization in calculating the limit on business interest deductions, making it easier for companies to finance growth.
  • The limit for immediate expensing of business assets (Section 179) increases from $1,000,000 to $2,500,000, resulting in greater tax savings for businesses purchasing new equipment.
  • The phase-out threshold for qualified property increases from $2,500,000 to $4,000,000, supporting larger investment projects by businesses.
  • The changes apply to taxable years beginning after December 31, 2024.
What is the specific legal status?

The current status is Introduced.

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 2025-12-31.

CATEGORIES

Taxes Economy