House Bill 3661 - Small Business Growth Act

Purpose and Summary

Chamber: House

Introduced date: 2023-05-25

Recent Activity

Referred to the House Committee on Ways and Means.

Alternative Names

Small Business Growth Act

Small Business Growth Act

To amend the Internal Revenue Code of 1986 to increase the limitations on expensing of depreciable business assets.

Associated Legislation

Small Business Growth Act

Tax Relief for American Families and Workers Act of 2024

Policy Areas

Taxation

Potential Impact

Sponsors and Supporters

Rep. Moore, Blake D. [R-UT-1]

Cosponsors and Supporters

Rep. Fitzpatrick, Brian K. [R-PA-1]

Rep. Steel, Michelle [R-CA-45]

Rep. Smith, Adrian [R-NE-3]

Rep. Fischbach, Michelle [R-MN-7]

Rep. Kelly, Mike [R-PA-16]

Rep. Kustoff, David [R-TN-8]

Rep. Tenney, Claudia [R-NY-24]

Rep. Ferguson, A. Drew, IV [R-GA-3]

Rep. Feenstra, Randy [R-IA-4]

Rep. Buchanan, Vern [R-FL-16]

Rep. Lawler, Michael [R-NY-17]

Committees and Subcommittees

Ways and Means Committee

Variations and Revisions

Small Business Growth Act

1/24/2024, 3:15 PM

Small Business Growth Act

This bill increases from $1 million to $2 million to the limitation on expensing of depreciable business assets. It also increases the asset threshold amount used to reduce the expensing limitat...

Congress
118

Number
HR - 3661

Introduced on
2023-05-25

# Amendments
0

Sponsors
+5

Cosponsors
+5

Variations and Revisions

5/25/2023

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Small Business Growth Act

This bill increases from $1 million to $2 million to the limitation on expensing of depreciable business assets. It also increases the asset threshold amount used to reduce the expensing limitat...

Alternative Names
Official Title as IntroducedTo amend the Internal Revenue Code of 1986 to increase the limitations on expensing of depreciable business assets.

Policy Areas
Taxation

Comments

Recent Activity

Latest Summary6/21/2023

Small Business Growth Act

This bill increases from $1 million to $2 million to the limitation on expensing of depreciable business assets. It also increases the asset threshold amount used to reduce the expensing limitat...


Latest Action5/25/2023
Referred to the House Committee on Ways and Means.