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119-s-1688119th CongressWALLET

Growing America’s Small Businesses and Manufacturing Act

Sponsored By: Senator Barrasso, John [R-WY]

Introduced

Summary

Permanent extension of a depreciation allowance and much larger immediate expensing for businesses. This bill makes a depreciation, amortization, and depletion allowance permanent for calculating the business interest deduction and raises Section 179 expensing limits while updating inflation-indexing rules.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 2 benefits, 0 costs, 0 mixed.

Higher immediate expensing limit for businesses

This bill would raise the Section 179 annual expensing cap to $2,500,000. It would also raise the dollar-for-dollar phase-out threshold to $4,000,000. If enacted, these changes would apply to property placed in service in taxable years beginning after December 31, 2024. The bill would also update the anchor years used for inflation adjustments.

Permanently allow depreciation for business interest

This bill would permanently let businesses count depreciation, amortization, and depletion when they calculate the limit on the business interest deduction. If enacted, it would apply to taxable years beginning after December 31, 2024. Businesses that claim business interest and those deductions could lower taxable income and pay less tax.

Sponsors & CoSponsors

Sponsor

Barrasso, John [R-WY]

WY • R

Cosponsors

  • Sen. Capito, Shelley Moore [R-WV]

    WV • R

    Sponsored 5/8/2025

  • Sen. Blackburn, Marsha [R-TN]

    TN • R

    Sponsored 5/8/2025

  • Sen. Lankford, James [R-OK]

    OK • R

    Sponsored 5/8/2025

  • Sen. Daines, Steve [R-MT]

    MT • R

    Sponsored 5/8/2025

  • Sen. Young, Todd [R-IN]

    IN • R

    Sponsored 5/8/2025

  • Sen. Britt, Katie Boyd [R-AL]

    AL • R

    Sponsored 5/8/2025

  • Sen. Ricketts, Pete [R-NE]

    NE • R

    Sponsored 5/8/2025

  • Sen. Tuberville, Tommy [R-AL]

    AL • R

    Sponsored 5/8/2025

  • Sen. Sheehy, Tim [R-MT]

    MT • R

    Sponsored 5/8/2025

  • Sen. Hoeven, John [R-ND]

    ND • R

    Sponsored 5/8/2025

  • Sen. Cruz, Ted [R-TX]

    TX • R

    Sponsored 5/8/2025

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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