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SB0032Introduced in the Senate

AN ACT to amend Tennessee Code Annotated, Title 67, Chapter 4, Part 20, relative to the deduction for bonus depreciation for excise tax purposes.

IntroducedSenate Finance, Ways and Means

Introduced by Paul Bailey, District 15

What does this bill do?

Plain-English breakdown

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Official description

As introduced, allows a taxpayer to annually elect to take a bonus depreciation deduction of 40 percent of the cost of assets purchased on or after January 1, 2026, during the tax year in which the assets were purchased when calculating net earnings or net losses for excise tax purposes; allows the taxpayer to take the federal depreciation percentage if it exceeds 40 percent. - Amends TCA Title 67, Chapter 4, Part 20.

Where it stands

Assigned to General Subcommittee of Senate Finance, Ways & Means Committee

April 22, 2025

How did lawmakers vote?

No recorded vote is available for this bill yet.

What do people think?

Citizen Voice

How would you vote on this bill?

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Bill history

  1. Filed for introduction

  2. Introduced, Passed on First Consideration

  3. Passed on Second Consideration, refer to Senate Finance, Ways, and Means Committee

  4. Refer to Senate F,W&M Revenue Subcommittee

  5. Placed on Senate FW&M Revenue Subcommittee calendar for 3/4/2025

  6. Refer to Senate Finance, Ways & Means Committee w/ recommendation, as amended

  7. Placed on Senate Finance, Ways, and Means Committee calendar for 3/11/2025

  8. Action deferred in Senate Finance, Ways, and Means Committee to 3/18/2025

  9. Placed on Senate Finance, Ways, and Means Committee calendar for 3/18/2025

  10. Action deferred in Senate Finance, Ways, and Means Committee to 4/1/2025

  11. Action deferred in Senate Finance, Ways & Means Committee / Behind the Budget

  12. Rule #83(8) Suspended, to be heard in Senate Finance, Ways & Means Committee on 4/15/2025

  13. Placed on Senate Finance, Ways, and Means Committee calendar for 4/15/2025

  14. Placed on Senate Finance, Ways, and Means Committee calendar for 4/21/2025

  15. Assigned to General Subcommittee of Senate Finance, Ways & Means Committee

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