H.R. 354, titled the “Small Business Growth Act,” proposes changes to the Internal Revenue Code of 1986 to increase the maximum amount of money that businesses can deduct for purchasing depreciable assets like equipment. Currently, businesses can deduct up to $1,000,000, but...
Simple Explanation
H.R. 354 wants to let businesses save more money on their taxes when they buy things like machines by allowing them to subtract up to $2,000,000 from their taxes instead of $1,000,000, starting in 2026. This change is like giving them more room to save when they buy new stuff for their business.