Businesses could deduct more costs for new equipment and property.
This bill would let businesses deduct more money for new equipment and property on their taxes. It would double the maximum amount they can deduct from $1 million to $2 million. This change aims to help millions of businesses by allowing them to keep more of their money.
Today, businesses can deduct up to $1,000,000 for certain new equipment and property purchases, and this deduction starts to shrink if they buy more than $2,500,000 in a year. If this bill becomes law, businesses would be able to deduct up to $2,000,000, and the deduction would only start to shrink if they buy more than $3,500,000 in a year. These new limits would also be adjusted for inflation starting in 2026.
HR 354 · 119th Congress · January 13, 2025 · AI Summary by gemini-2.5-flash · 9/10
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7 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.