[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3661 Introduced in House (IH)]

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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.


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                    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 Committee 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 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 ``$2,000,000'', and
            (2) by striking ``$2,500,000'' in paragraph (2) and 
        inserting ``$3,500,000''.
    (b) Inflation Adjustment.--Section 179(b)(6) 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'' and inserting 
        ```calendar year 2024' (`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.
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