Bill · S. 1688· Senate(119-S-1688)
Growing America’s Small Businesses and Manufacturing Act
- Introduced
- 5/8/2025
- Last activity
- 5/8/2025 — Read twice and referred to the Committee on Finance. (text: CR S2841)
- Sponsored by
- John Barrasso
- Cosponsors
- - 11 - 0
- Introduced
- In Committee
What this bill would do
This bill, titled the "Growing America's Small Businesses and Manufacturing Act," aims to amend the Internal Revenue Code of 1986. It seeks to permanently extend the allowance for depreciation, amortization, or depletion when determining the income limitation on business interest deductions. Additionally, the legislation proposes to increase the limitations on the expensing of depreciable business assets. These changes are intended to affect taxable years beginning after December 31, 2024.
Yes· 3 of 11
Would business owners be better off under this?+8
The bill provides substantial tax relief specifically designed for business owners and manufacturers.
Does this make it easier to run a small business?+8
The bill specifically targets small businesses by increasing the dollar amounts allowed for expensing depreciable assets.
Does this cut taxes for small businesses?+7
The bill reduces the tax burden on small businesses by extending depreciation allowances and increasing limits on expensing assets.
The opposite
Does this reduce what the federal government owes?-2
The tax reductions and expanded expensing limits may lead to lower federal revenue.
Who it would affect, and how
Potential Positive Impacts for People
-
Permanent extension of depreciation allowances: By striking the expiration language in Section 163(j)(8)(A)(v), the bill permanently extends the allowance for depreciation, amortization, or depletion for determining the income limitation on business interest deductions (Section 2).
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Higher limits for expensing business assets: The bill increases the dollar amounts allowed for expensing depreciable business assets by raising the limit in paragraph (1) from $1,000,000 to $2,500,000 and the limit in paragraph (2) from $2,500,000 to $4,000,000 (Section 3).
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Updated inflation adjustments: The bill updates the inflation adjustment provision by changing the base year from 2018 to 2025 and updating the relevant calendar year reference (Section 3).
Potential Negative Impacts for People
- No negative impacts are explicitly stated in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Business Owners+8Good For Farmers+4Good For High Income Households+3Good For High Net Worth Individuals+3Good For Rural Residents+3Good For Billionaires+2Good For Ultra High Net Worth Individuals+2
- Economy And Finance
- Improves Small Business Support+8Reduces Small Business Taxes+7Improves Economic Growth+5Increases Job Creation+4Reduces National Debt-2
- 5/8/2025
- Read twice and referred to the Committee on Finance. (text: CR S2841)
- 11 Cosponsors added.
- Introduced in Senate
Marsha BlackburnRepublican · Tennessee
Katie BrittRepublican · Alabama
Shelley CapitoRepublican · West Virginia
Ted CruzRepublican · Texas
Steve DainesRepublican · Montana
John HoevenRepublican · North Dakota
James LankfordRepublican · Oklahoma
Pete RickettsRepublican · Nebraska
Tim SheehyRepublican · Montana
Tommy TubervilleRepublican · Alabama
Todd YoungRepublican · Indiana