What is the current status of HR 354?

HR 354 is currently: Passed House.

Who sponsored HR 354?

HR 354 was sponsored by Blake Moore (R), Rep.

IntroducedJanuary 13, 2025

Passed House1 year ago

Intro

House

Senate

Pres

Awaiting Senate vote

Why This Matters

This bill allows small businesses to write off more money when they buy equipment. It increases the amount they can deduct on their taxes.

If you own a small business, you can now deduct up to $2 million for equipment purchases starting in 2026.

Who this affects

small business owners

What changes is this bill making?

1This bill raises the maximum amount small businesses can write off for equipment purchases.
2Businesses can now deduct up to $2 million for qualifying assets instead of $1 million.
3The limit for total asset purchases before the deduction starts to decrease increases from $2.5 million to $3.5 million.
4The changes will take effect for assets placed in service after December 31, 2025.
5This bill adjusts the deduction limits for inflation every year starting in 2026.