Small Business Growth Act

Hozzl · 2025-02-11T05:08:17Z

Explore the details of House Bill 354 Small Business Growth Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

2/11/2025, 5:08 AM

Summary of Bill HR 354

Bill 119 HR 354, also known as the "Expensing for Small Businesses Act," aims to make changes to the Internal Revenue Code of 1986 in order to increase the limitations on expensing of depreciable business assets.

The bill proposes to allow small businesses to deduct a larger portion of the cost of certain assets in the year they are purchased, rather than having to spread out the deduction over several years. This would provide small businesses with immediate tax relief and help stimulate economic growth.

Specifically, the bill would raise the current limitation on expensing of depreciable business assets from $1 million to $5 million. This means that small businesses would be able to deduct up to $5 million in qualifying assets in the year they are purchased, rather than having to depreciate them over time. Proponents of the bill argue that this change would incentivize small businesses to invest in new equipment and technology, leading to increased productivity and job creation. However, critics are concerned about the potential impact on government revenue and the overall fairness of the tax code. Overall, Bill 119 HR 354 seeks to provide small businesses with additional tax relief and support their growth and success in the current economic climate.

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Current Status of Bill HR 354

Bill HR 354 is currently in the status of Bill Introduced since January 13, 2025. Bill HR 354 was introduced during Congress 119 and was introduced to the House on January 13, 2025. Bill HR 354's most recent activity was Referred to the House Committee on Ways and Means. as of January 13, 2025

Bipartisan Support of Bill HR 354

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Policy Area and Potential Impact of Bill HR 354

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Alternate Title(s) of Bill HR 354

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

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