Small Business Growth Act

Hozzl · 2024-01-24T15:15:17Z

Explore the details of Senate Bill 2609 Small Business Growth Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/24/2024, 3:15 PM

Summary of Bill S 2609

Bill 118 s 2609, also known as the Small Business Growth Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to support and promote the growth of small businesses in the United States.

One key provision of the Small Business Growth Act is the establishment of a grant program to provide funding to small businesses for research and development projects. This funding would help small businesses innovate and develop new products and services, ultimately helping them to grow and compete in the marketplace.

Additionally, the bill includes measures to streamline regulations and reduce red tape for small businesses. This would make it easier for small businesses to navigate the regulatory environment and focus on growing their businesses. The Small Business Growth Act also includes provisions to increase access to capital for small businesses, including through loan programs and tax incentives. This would help small businesses secure the funding they need to expand and create jobs. Overall, the Small Business Growth Act aims to create a more supportive environment for small businesses in the United States, helping them to thrive and contribute to the economy. It is currently being debated in Congress, with supporters arguing that it will help spur economic growth and job creation, while opponents raise concerns about the cost and potential unintended consequences of the legislation.

Congressional Summary of S 2609

Small Business Growth Act

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.

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Current Status of Bill S 2609

Bill S 2609 is currently in the status of Bill Introduced since July 27, 2023. Bill S 2609 was introduced during Congress 118 and was introduced to the Senate on July 27, 2023. Bill S 2609's most recent activity was Read twice and referred to the Committee on Finance. as of July 27, 2023

Bipartisan Support of Bill S 2609

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 2609

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 2609

Small Business Growth ActSmall Business Growth ActA bill to amend the Internal Revenue Code of 1986 to increase the dollar limitation for the election to expense certain depreciable business assets.

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