118th Congress · SENATE BILLBILL

S. 2609 — Small Business Growth Act

“A bill to amend the Internal Revenue Code of 1986 to increase the dollar limitation for the election to expense certain depreciable business assets.”

Taxation

Introduced Jul 27, 2023

Last action Jul 27, 2023

Pipeline · Bill → Law

Step 1

Introduced

Jul 27, 2023

Step 2

Referred

Jul 27, 2023

Finance

Step 3

Committee

Step 4

Senate

Step 5

House floor

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill increases from $1 million to $2.5 million the limitation on expensing of depreciable business assets. It also increases the asset threshold amount used to reduce the expensing limitation.

Provisions · 2 sectionsIntroduced in Senate

Timeline · 2 actions

Jul 27, 2023

Introduced in Senate

Jul 27, 2023

Read twice and referred to the Committee on Finance.