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Growing America’s Small Businesses and Manufacturing Act
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.
Summary
This bill makes permanent a tax provision that allows businesses to include depreciation and amortization when calculating their limitation on business interest deductions, and increases expensing allowances for businesses. The bill raises the Section 179 expensing limit (which allows immediate deduction of business equipment and property costs) from $1 million to $2.5 million, and increases the phase-out threshold from $2.5 million to $4 million. These limits will be adjusted annually for inflation based on 2025 figures rather than earlier base years. The changes take effect for property placed in service and taxable years beginning after December 31, 2024. The provision is intended to provide tax relief for small businesses and manufacturers by allowing them to deduct more capital investment costs immediately.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Barrasso, John [R-WY] (R-WY)
11 cosponsors
- Sen. Blackburn, Marsha [R-TN] (R-TN)
- Sen. Britt, Katie Boyd [R-AL] (R-AL)
- Sen. Capito, Shelley Moore [R-WV] (R-WV)
- Sen. Cruz, Ted [R-TX] (R-TX)
- Sen. Daines, Steve [R-MT] (R-MT)
- Sen. Hoeven, John [R-ND] (R-ND)
- Sen. Lankford, James [R-OK] (R-OK)
- Sen. Ricketts, Pete [R-NE] (R-NE)
- Sen. Sheehy, Tim [R-MT] (R-MT)
- Sen. Tuberville, Tommy [R-AL] (R-AL)
- Sen. Young, Todd [R-IN] (R-IN)
Actions (2)
- May 8, 2025 Read twice and referred to the Committee on Finance. (text: CR S2841) · senate
- May 8, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
May 8, 2025
Mr. Barrasso (for himself, Mrs. Capito, Mrs. Blackburn, Mr. Lankford, Mr. Daines, Mr. Young, Mrs. Britt, Mr. Ricketts, Mr. Tuberville, Mr. Sheehy, Mr. Hoeven, and Mr. Cruz) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
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.
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 “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.—Section 163(j)(8)(A)(v) of the Internal Revenue Code of 1986 is amended by striking “in the case of taxable years beginning before January 1, 2022,”.
(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.—Section 179(b) of the Internal Revenue Code of 1986 is amended—
(1) by striking “$1,000,000” in paragraph (1) and inserting “$2,500,000”, and
(2) by striking “$2,500,000” in paragraph (2) and inserting “$4,000,000”.
(b) Inflation Adjustment.—Section 179(b)(6)(A) of such Code is amended—
(1) by striking “2018” and inserting “2025 (2018 in the case of the dollar amount in paragraph (5)(A))”, and
(2) by striking “calendar year 2017” in clause (ii) thereof 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, 2024. <all>
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