Small Business Growth Act

I 118TH CONGRESS 1ST SESSION H. R. 3661 To amend the Internal Revenue Code of 1986 to increase the limitations on expensing of depreciable business assets. IN THE HOUSE OF REPRESENTATIVES MAY 25, 2023 Mr. MOORE of Utah (for himself, Mr. FITZPATRICK, Mrs. STEEL, Mr. SMITH of Nebraska, Mrs. FISCHBACH, Mr. KELLY of Pennsylvania, Mr. KUSTOFF, Ms. TENNEY, Mr. FERGUSON, Mr. FEENSTRA, and Mr. BUCHANAN) introduced the following bill; which was referred to the Com- mittee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to increase the limitations on expensing of depreciable business assets. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Small Business Growth 4 Act’’. 5 SEC. 2. INCREASE IN LIMITATIONS ON EXPENSING OF DE- 6 PRECIABLE BUSINESS ASSETS. 7 (a) IN GENERAL.—Section 179(b) of the Internal 8 Revenue Code of 1986 is amended— 9 VerDate Sep 11 2014 01:02 Jun 17, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3661.IH H3661 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 3661 IH (1) by striking ‘‘$1,000,000’’ in paragraph (1) 1 and inserting ‘‘$2,000,000’’, and 2 (2) by striking ‘‘$2,500,000’’ in paragraph (2) 3 and inserting ‘‘$3,500,000’’. 4 (b) INFLATION ADJUSTMENT.—Section 179(b)(6) of 5 such Code is amended— 6 (1) by striking ‘‘2018’’ and inserting ‘‘2024 7 (2018 in the case of the dollar amount in paragraph 8 (5)(A))’’, and 9 (2) by striking ‘‘calendar year 2017’’ and in- 10 serting ‘‘ ‘calendar year 2024’ (‘calendar year 2017’ 11 in the case of the dollar amount in paragraph 12 (5)(A))’’. 13 (c) EFFECTIVE DATE.—The amendments made by 14 this section shall apply to property placed in service in 15 taxable years beginning after December 31, 2023. 16 Æ VerDate Sep 11 2014 01:02 Jun 17, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H3661.IH H3661 kjohnson on DSK79L0C42PROD with BILLS