To amend the Internal Revenue Code of 1986 to allow an increased dollar limitation for section 179 property placed in service in the trade or business of farming.

Taxation

house

senate

president

Introduced on September 23, 2024 by Greg Lopez

Legislation Details

This bill increases the limitation on the deduction for business expenses
related to depreciable assets under Internal Revenue Code §179 (expense
deduction) for qualified property placed into service by a taxpayer in the trade
or business of farming (qualified farming property). The expense deduction limit
is increased for qualified farming property to $1,500,000 from $1,250,000 (in
2025) and is adjusted for inflation for tax years beginning after 2025.

Last updated 11/5/2024