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.

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.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 23 September 2024

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• Introduced in House (PDF)

  Introduced in House · EN · 23 September 2024

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 23 September 2024

  Open at official source

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