118 S2609 IS: Small Business Growth Act U.S. Senate 2023-07-27 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.

II118th CONGRESS1st SessionS. 2609IN THE SENATE OF THE UNITED STATESJuly 27, 2023Mr. Barrasso (for himself, Mr. Lankford, Mrs. Blackburn, Mr. Tillis, Mr. Braun, Mr. Risch, and Mr. Cramer) introduced the following bill; which was read twice and referred to the Committee on FinanceA BILLTo amend the Internal Revenue Code of 1986 to increase the dollar limitation for the election to expense certain depreciable business assets.

1.

Short title

This Act may be cited as the Small Business Growth Act.

2.

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 2024 (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 2023 (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, 2023.