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United States · Bill · HR

H.R. 9761 (118th)

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.

referredUnited States· United States Congress· EN

Introduced

23 September 2024

Last action

23 September 2024 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Greg Lopez

Subjects

Agriculture, Taxation

Source updated

16 December 2024

Agriculture · Taxation

Official sourceDownload fileView documentsShare

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 23 September 2024

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 23 September 2024

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 23 September 2024

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 23 September 2024

    ViewDownloadOpen at official source

  • Introduced in House (PDF)

    Introduced in House · EN · 23 September 2024

    ViewDownloadOpen at official source

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  • Introduced in House

    summary · EN · 23 September 2024

    Open at official source

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Sponsors

Related records

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Sources

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