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.
Latest Action
Referred to the House Committee on Ways and Means.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™This bill proposes an amendment to the Internal Revenue Code of 1986 to increase the dollar limitation for section 179 property placed in service specifically in the trade or business of farming. Section 179 allows businesses to deduct the full purchase price of qualifying equipment and software purchased or financed during the tax year, rather than capitalizing and depreciating it over time. By increasing the limitation for farming-related property, the bill aims to provide greater immediate tax relief to farmers investing in business equipment.
The bill seeks to enhance tax deductions for farmers by raising the limit on section 179 property deductions, potentially encouraging investment in farming equipment through immediate tax benefits.
- Amends the Internal Revenue Code of 1986 to increase the section 179 dollar limitation for property used in farming businesses.
- Targets tax relief specifically to the agricultural sector by adjusting existing tax deduction rules.
- Currently referred to the House Committee on Ways and Means, with no further legislative progress reported.
['Farmers and agricultural businesses purchasing qualifying equipment or property.', 'Manufacturers and sellers of farming equipment may see increased demand.', 'Taxpayers engaged in farming who utilize section 179 deductions.']
['The bill could reduce federal tax revenues due to increased deductions.', 'Implementation requires clear guidance on qualifying property and limits to prevent misuse.', 'Oversight mechanisms to ensure compliance with the amended deduction limits are necessary.']
The bill was introduced in the House during the 118th Congress and referred to the House Committee on Ways and Means on September 23, 2024. It is currently classified as failed or expired, indicating it did not advance beyond committee consideration during the session. The policy area is taxation, focusing on agricultural tax provisions.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['Potential increase in investment in farming equipment due to improved tax incentives.', 'Possible stimulation of agricultural equipment manufacturing and sales sectors.', 'Shift in tax planning strategies among farming businesses to maximize immediate deductions.']
The bill lacks a publicly available official summary and full text, limiting detailed analysis. Its status as failed or expired suggests no enacted changes. Transparency on projected fiscal impacts and detailed implementation plans would be important for oversight if reintroduced.
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