US SB1688

Permanently extends the allowance for depreciation, amortization, and depletion when calculating the income limitation on business interest deductions under Section 163(j) of the tax code, removing the January 1, 2022 expiration date

Increases the maximum Section 179 expensing limit for depreciable business assets from $1,000,000 to $2,500,000

Raises the phase-out threshold for Section 179 expensing from $2,500,000 to $4,000,000 in total equipment purchases

Updates inflation adjustment base years from 2017/2018 to 2024/2025 for the new expensing limits

Applies to taxable years beginning after December 31, 2024