S. 1688

119th CONGRESS 1st Session

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.

IN THE SENATE OF THE UNITED STATES · May 8, 2025 · Sponsor: Mr. Barrasso · Committee: Committee on Finance

Table of contents

• S. 1688
  • SEC. 1. Short title
  • SEC. 2. Permanent extension of allowance for depreciation, amortization, or depletion in determining the limitation on business interest
  • SEC. 3. Increase in limitations on expensing of depreciable business assets

SEC. 1. Short title

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

SEC. 2. Permanent extension of allowance for depreciation, amortization, or depletion in determining the limitation on business interest

• (a) In general
  • of the Internal Revenue Code of 1986 is amended by striking . Section 163(j)(8)(A)(v)
• (b) Effective date
  • The amendment made by this section shall apply to taxable years beginning after December 31, 2024.

SEC. 3. Increase in limitations on expensing of depreciable business assets

• (a) In general
  • of the Internal Revenue Code of 1986 is amended— Section 179(b)
    • by striking in paragraph (1) and inserting ,500,000, and
    • by striking in paragraph (2) and inserting $4,000,000.
• (b) Inflation adjustment
  • Section 179(b)(6)(A) of such Code is amended—
    • by striking and inserting , and
    • by striking in clause (ii) thereof and inserting .
• (c) Effective date
  • The amendments made by this section shall apply to property placed in service in taxable years beginning after December 31, 2024.