H.R. 9761 proposes an amendment to the Internal Revenue Code of 1986 that would increase the dollar limit for section 179 property used in farming businesses. This means that farmers could deduct a larger amount from their taxes for certain property costs, up to $1,500,000,...
Simple Explanation
The bill H.R. 9761 wants to let farmers deduct more money from their taxes when they buy new things for their farms. Starting in 2025, they can take off up to $1,500,000, and this amount might grow more each year to keep up with costs.