119 S1688 IS: Growing America’s Small Businesses and Manufacturing Act U.S. Senate 2025-05-08 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II 119th CONGRESS 1st Session S. 1688 IN THE SENATE OF THE UNITED STATES May 8, 2025 Mr. Barrasso (for himself, Mrs. Capito, Mrs. Blackburn, Mr. Lankford, Mr. Daines, Mr. Young, Mrs. Britt, Mr. Ricketts, Mr. Tuberville, Mr. Sheehy, Mr. Hoeven, and Mr. Cruz) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to permanently extend the allowance for depreciation, amortization, or depletion for purposes of determining the income limitation on the deduction for business interest, and for other purposes.

1.

Short title

This Act may be cited as the Growing America’s Small Businesses and Manufacturing Act.

2.

Permanent extension of allowance for depreciation, amortization, or depletion in determining the limitation on business interest

(a)

In general

Section 163(j)(8)(A)(v) of the Internal Revenue Code of 1986 is amended by striking in the case of taxable years beginning before January 1, 2022,. (b)

Effective date

The amendment made by this section shall apply to taxable years beginning after December 31, 2024.

3.

Increase in limitations on expensing of depreciable business assets

(a)

In general

Section 179(b) of the Internal Revenue Code of 1986 is amended— (1) by striking $1,000,000 in paragraph (1) and inserting $2,500,000, and (2) by striking $2,500,000 in paragraph (2) and inserting $4,000,000. (b)

Inflation adjustment

Section 179(b)(6)(A) of such Code is amended— (1) by striking 2018 and inserting 2025 (2018 in the case of the dollar amount in paragraph (5)(A)), and (2) by striking calendar year 2017 in clause (ii) thereof and inserting calendar year 2024 (calendar year 2017 in the case of the dollar amount in paragraph (5)(A)). (c)

Effective date

The amendments made by this section shall apply to property placed in service in taxable years beginning after December 31, 2024.