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Provide for reconciliation pursuant to title II of H. Con. Res. 14 › Section 70306

Increased Dollar Limitations for Expensing of Certain Depreciable Business Assets

Section 70306 · Sec. 70306 ·

What this chapter is about

This part raises two figures for writing off business assets. One goes from $1,000,000 to $2,500,000. The other goes from $2,500,000 to $4,000,000. The changes reach property put in service in tax years after December 31, 2024.

3 proposals indexed from this chapter.

The two figures rise to $2,500,000 and $4,000,000

The document says “is amended”Who acts: CongressHow: statuteSec. 70306 in the PDF
What the document says

“in paragraph (1), by striking "$1,000,000" and inserting "$2,500,000", and”

To provide for reconciliation pursuant to title II of H. Con. Res. 14, Sec. 70306

The section strikes $1,000,000 in paragraph (1) of section 179(b) of the Internal Revenue Code of 1986 and inserts $2,500,000, and strikes $2,500,000 in paragraph (2) and inserts $4,000,000.

What the document actually says

“in paragraph (1), by striking "$1,000,000" and inserting "$2,500,000", and”

To provide for reconciliation pursuant to title II of H. Con. Res. 14, Sec. 70306
That sentence, in plain words

The figure $1,000,000 is taken out. The figure $2,500,000 is put in.

What this is about

A second figure goes from $2,500,000 to $4,000,000. Both sit in the same rule. What they control is not recorded here.

No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.

The inflation base year for the two figures moves to 2025

The document says “is amended”Who acts: Secretary of the TreasuryHow: statuteSec. 70306 in the PDF
What the document says

“by inserting "(2025 in the case of the dollar amounts in paragraphs (1) and (2))" after "In the case of any taxable year beginning after 2018", and”

To provide for reconciliation pursuant to title II of H. Con. Res. 14, Sec. 70306

The section amends section 179(b)(6)(A) of the Internal Revenue Code of 1986 so that the two raised figures start their inflation adjustment from a taxable year beginning after 2025, and so that calendar year 2024 is substituted for calendar year 2016 for those figures while calendar year 2017 is substituted for the amount in paragraph (5)(A).

What the document actually says

“by inserting "(2025 in the case of the dollar amounts in paragraphs (1) and (2))" after "In the case of any taxable year beginning after 2018", and”

To provide for reconciliation pursuant to title II of H. Con. Res. 14, Sec. 70306
That sentence, in plain words

New words are put into an inflation rule. They set 2025 as the start year for the two raised figures.

What this is about

Each figure now has its own base year. The two raised ones use 2024 as their base. A third figure keeps 2017.

No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.

The changes reach property placed in service in tax years after December 31, 2024

The document says “shall apply”Who acts: Secretary of the TreasuryHow: statuteSec. 70306 in the PDF
What the document says

“The amendments made by this section shall apply to property placed in service in taxable years beginning after December 31, 2024.”

To provide for reconciliation pursuant to title II of H. Con. Res. 14, Sec. 70306

The section applies its amendments to property placed in service in taxable years beginning after December 31, 2024.

What the document actually says

“The amendments made by this section shall apply to property placed in service in taxable years beginning after December 31, 2024.”

To provide for reconciliation pursuant to title II of H. Con. Res. 14, Sec. 70306
That sentence, in plain words

The changes reach property put to use in tax years that begin after December 31, 2024. Earlier years are left out.

What this is about

Property put to use earlier is not touched. The old figures still hold for it. The date is fixed in the law.

No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.

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What This Page Covers, and What It Leaves Out

Each distinct thing the section does: raise the two dollar figures, reset the inflation base years for them, and fix the effective date.

Nothing in the section is left out. It has three subsections and each is recorded.

The section works by amending section 179(b) of the Internal Revenue Code of 1986, which is not indexed here, so what the two figures control cannot be checked against anything on this site.