118th Congress Taxation
H.R. 9761: 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.
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill increases the limitation on the deduction for business expenses related to depreciable assets under Internal Revenue Code §179 (expense deduction) for qualified property placed into service by a taxpayer in the trade or business of farming (qualified farming property). The expense deduction limit is increased for qualified farming property to $1,500,000 from $1,250,000 (in 2025) and is adjusted for inflation for tax years beginning after 2025.
Written by the Congressional Research Service, Library of Congress.
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History
- Introduced in the House by Greg Lopez.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Ways and Means.