HR 9761
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.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill increases the amount of money farmers can deduct for the cost of new equipment and machinery they purchase for their farm businesses. Currently, there’s a limit on how much they can deduct immediately under the Section 179 tax provision. This bill raises that limit to $1,500,000 for farming property, and it will adjust for inflation starting in 2025 to keep pace with rising costs. The changes will allow farmers to invest more in their operations without significantly impacting their tax liability.
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Primary sponsor
Greg Lopez
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