S.1688

Growing America’s Small Businesses and Manufacturing Act amends the Internal Revenue Code to permanently extend certain tax provisions.

The Growing America’s Small Businesses and Manufacturing Act amends the Internal Revenue Code to permanently extend the allowance for depreciation, amortization, or depletion for purposes of determining the income limitation on the deduction for business interest. It also increases the limitations on expensing of depreciable business assets, raising the threshold from $1,000,000 to $2,500,000 and from $2,500,000 to $4,000,000. These changes apply to property placed in service in taxable years beginning after December 31, 2024.