To amend the Internal Revenue Code of 1986 to allow an increased dollar limitation for section 179 property placed in service in the trade or business of farming.

Bill 118 hr 9761, also known as the "Section 179 for Farmers Act," aims to amend the Internal Revenue Code of 1986 to provide a higher dollar limitation for section 179 property that is used in the trade or business of farming.

Currently, section 179 of the Internal Revenue Code allows businesses to deduct the cost of certain property, such as equipment and machinery, in the year it is placed in service rather than depreciating it over time. This deduction is subject to a dollar limitation, which is currently set at $1,050,000 for the 2021 tax year.

The proposed bill seeks to increase this dollar limitation specifically for farmers, recognizing the unique needs and challenges faced by those in the agricultural industry. By allowing farmers to deduct a higher amount of section 179 property, they will be able to invest in new equipment and technology to improve their operations and remain competitive in the market. Overall, the Section 179 for Farmers Act aims to support and incentivize the growth and success of the farming industry by providing tax relief to farmers who invest in their businesses.