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Doubles Tax Write-Off for Small Businesses
Recent Bills/Doubles Tax Write-Off for Small Businesses

Doubles Tax Write-Off for Small Businesses

IntroducedJanuary 13, 2025
Introduced1 year ago
Intro
House
Senate
Pres
Referred to the House Committee on Ways and Means.
More:Recently Introduced BillsTaxesHouse Bills
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?
  1. 1This bill raises the maximum amount small businesses can write off for equipment purchases.
  2. 2Businesses can now deduct up to $2 million for qualifying assets instead of $1 million.
  3. 3The limit for total asset purchases before the deduction starts to decrease increases from $2.5 million to $3.5 million.
  4. 4The changes will take effect for assets placed in service after December 31, 2025.
  5. 5This bill adjusts the deduction limits for inflation every year starting in 2026.
Bill Progress1 of 4
Bills must pass the House, Senate, and be signed by the President to become law.
Intro
House
Senate
Pres
IntroducedCurrentJan 13, 2025

Referred to the House Committee on Ways and Means.

Sponsors
See all 9 sponsors
House
Senate
President

The President

Joe Biden
46th President
Awaiting Vote
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