Growing America’s Small Businesses and Manufacturing Act

This bill makes it easier for businesses to deduct interest and to write off equipment costs. It permanently lets companies include depreciation, amortization, or depletion when figuring the income limit on their business interest deduction, which can allow a larger interest write‑off each year . It also raises the limits for how much equipment and machinery a business can expense up front (Section 179) and updates those limits for inflation, so more of a purchase can be deducted right away instead of over several years .

These changes apply starting with tax years that begin after December 31, 2024. The higher expensing limits also apply to property placed in service in those tax years .

• Who is affected: Businesses that borrow money or buy equipment, including many small manufacturers .
• What changes: Bigger allowable interest deductions by counting depreciation/amortization/depletion; higher and inflation‑adjusted Section 179 expensing limits and phase‑out threshold .
• When it starts: For tax years beginning after December 31, 2024 .