Increases the limitation on the deduction for business expenses related to depreciable assets under Internal Revenue Code §179 (expense…

Section 179(b) of the Internal Revenue Code of 1986 is amended by redesignating paragraph (6) as paragraph (7) and by inserting after paragraph (5) the following new paragraph:

Notwithstanding paragraph (1), in the case of any section 179 property placed in service by the taxpayer in the trade or business of farming, the aggregate cost of such property which may be taken into account under subsection (a) for the taxable year shall not be less than an amount equal to $1,500,000, reduced by the cost of any other section 179 property which—

(A) is taken into account by the taxpayer under subsection (a) for the taxable year, and

(B) is placed in service by the taxpayer in a trade or business other than farming.

Section 179(b)(2) of such Code is amended by striking limitation under paragraph (1) and inserting limitations under paragraphs (1) and (6).

Section 179(b)(7) of such Code (as redesignated by subsection (a)) is amended by redesignating subparagraph (B) as subparagraph (C) and by inserting after subparagraph (A) the following new subparagraph:

In the case of any taxable year beginning after 2025, the dollar amount in paragraph (6) shall be increased by an amount equal to—

(i) such dollar amount, multiplied by

(ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting calendar year 2024 for calendar year 2016 in subparagraph (A)(ii) thereof.

The amendments made by this section shall apply to property placed in service after December 31, 2024.