PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Ways and Means.
Congressional Research Service
Version 00 · Introduced in House · Sep 23, 2024
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.
People & committees
Rep. Lopez, Greg [R-CO-4] · R–CO
Legislative record
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Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Dec 16, 2024. Consult Congress.gov for the current record.
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