S. 1688

Summary

S. 1688, the Growing America’s Small Businesses and Manufacturing Act, was introduced in the Senate on May 8, 2025 by Sen. John Barrasso (R) with 11 co-sponsors. It was referred to Finance, and last saw action on May 8, 2025: Read twice and referred to the Committee on Finance. (text: CR S2841).

Record

Text

S. 1688 has 11 co-sponsors.

119 S1688 IS: Growing America’s Small Businesses and Manufacturing Act
 U.S. Senate
 2025-05-08
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
  II
  119th CONGRESS
  1st Session
  S. 1688
  IN THE SENATE OF THE UNITED STATES
  May 8, 2025
  Mr. Barrasso  (for himself,  Mrs. Capito ,  Mrs.
  Blackburn ,  Mr. Lankford ,
  Mr. Daines ,  Mr.
  Young ,  Mrs. Britt ,  Mr. Ricketts ,  Mr.
  Tuberville ,  Mr. Sheehy ,
  Mr. Hoeven , and  Mr. Cruz ) introduced the following bill; which was read twice and
  referred to the  Committee on
  Finance
  A BILL
To amend the Internal Revenue Code of 1986 to permanently extend the
  allowance for depreciation, amortization, or depletion for purposes of determining the
  income limitation on the deduction for business interest, and for other
  purposes.
1.
Short title
This Act may be cited as the   Growing America’s Small Businesses and Manufacturing Act  .
2.
Permanent extension of allowance for depreciation, amortization, or depletion in
  determining the limitation on business interest
(a)
In general
 Section 163(j)(8)(A)(v)  of the Internal Revenue Code of 1986 is amended by striking  in the case of taxable years beginning before January 1, 2022, .
(b)
Effective date
The amendment made by this section shall apply to taxable years beginning after December 31, 2024.
3.
Increase in limitations on expensing of depreciable business assets
(a)
In general
 Section 179(b)  of the Internal Revenue Code of 1986 is amended—
(1)
by striking  $1,000,000  in paragraph (1) and inserting  $2,500,000 , and
(2)
by striking  $2,500,000  in paragraph (2) and inserting  $4,000,000 .
(b)
Inflation adjustment
Section 179(b)(6)(A) of such Code is amended—
(1)
by striking  2018  and inserting  2025 (2018 in the case of the dollar amount in paragraph (5)(A)) , and
(2)
by striking  calendar year 2017  in clause (ii) thereof and inserting   calendar year 2024  ( calendar year 2017  in the case of the dollar amount in paragraph (5)(A)) .
(c)
Effective date
The amendments made by this section shall apply to property placed in service in taxable years beginning after December 31, 2024.

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

A bill to amend the Internal Revenue Code of 1986 to permanently extend the allowance for depreciation, amortization, or depletion for purposes of determining the income limitation on the deduction for business interest and for other purposes.

Sponsors

Sen. John Barrasso (R) sponsors S. 1688, and 11 members have co-sponsored it, all of them from the day it was introduced.

John Barrasso

Sen. · R–WY · Sponsor

Introduced May 8, 2025

Marsha Blackburn

Sen. · R–TN · Co-sponsor

Joined May 8, 2025 · Original

Katie Boyd Britt

Sen. · R–AL · Co-sponsor

Joined May 8, 2025 · Original

Shelley Capito

Sen. · R–WV · Co-sponsor

Joined May 8, 2025 · Original

Ted Cruz

Sen. · R–TX · Co-sponsor

Joined May 8, 2025 · Original

Steve Daines

Sen. · R–MT · Co-sponsor

Joined May 8, 2025 · Original

John Hoeven

Sen. · R–ND · Co-sponsor

Joined May 8, 2025 · Original

James Lankford

Sen. · R–OK · Co-sponsor

Joined May 8, 2025 · Original

Pete Ricketts

Sen. · R–NE · Co-sponsor

Joined May 8, 2025 · Original

Tim Sheehy

Sen. · R–MT · Co-sponsor

Joined May 8, 2025 · Original

Show 10 of 12 rows

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Committees

S. 1688 went before 1 committee: Finance.

Finance

Finance

Referred To · May 8, 2025 · 902 Bills

Actions

S. 1688 has taken 2 actions since May 8, 2025.

Votes

S. 1688 has not gone to a roll call.

Titles

S. 1688 goes by 3 titles, 1 of them short titles.

• Growing America’s Small Businesses and Manufacturing Act — Display Title
• Growing America’s Small Businesses and Manufacturing Act — Short Title(s) as Introduced
• A bill to amend the Internal Revenue Code of 1986 to permanently extend the allowance for depreciation, amortization, or depletion for purposes of determining the income limitation on the deduction for business interest and for other purposes. — Official Title as Introduced

Lobbying

17 clients hired 5 firms and 31 registered lobbyists who named S. 1688 in 49 quarterly filings, 2025. Reported under the Lobbying Disclosure Act; a filing’s income covers everything its registrant worked that quarter, so the amounts below are the filings’, not this bill’s.

Filed under Taxation/Internal Revenue Code, Energy/Nuclear, Environment/Superfund, Labor Issues/Antitrust/Workplace, Defense, Financial Institutions/Investments/Securities, Housing, Insurance.

Clients

Who paid to be heard, by how many filings named the bill.

Firms

Registrants who filed on the bill, by filings.

Lobbyists

Named on the filings that cite the bill. The 20 named most often, of 31.

Filings

The documents themselves, on the Senate’s Lobbying Disclosure site, largest reported first.

Classification

The Congressional Research Service files S. 1688 under Taxation, one of its 31 policy areas.

CRS Subjects

CRS assigns every bill one policy area from its 31; S. 1688’s is Taxation.

Source: congress.gov · legiscan.com