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Senate Bill 2609
118th Congress(2023-2024)
Small Business Growth Act
Introduced
Introduced
Introduced in Senate on Jul 27, 2023
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Text
Introduced in Senate 
Jul 27, 2023
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Introduced in Senate(Jul 27, 2023)
Jul 27, 2023
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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S. 2609 (Introduced-in-Senate)


118th CONGRESS
1st Session
S. 2609


To amend the Internal Revenue Code of 1986 to increase the dollar limitation for the election to expense certain depreciable business assets.

IN THE SENATE OF THE UNITED STATES

July 27, 2023

Mr. 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 Finance

A BILL

To amend the Internal Revenue Code of 1986 to increase the dollar limitation for the election to expense certain depreciable business assets.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

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

SEC. 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.