SB 32
Signed
Taxes - 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.
- Tennessee
- Senate
- Introduced Jan 6, 2025
- Session 114
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View on official siteLegislative Timeline
15 actions-
Assigned to General Subcommittee of Senate Finance, Ways & Means Committee
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Placed on Senate Finance, Ways, and Means Committee calendar for 4/21/2025
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Rule #83(8) Suspended, to be heard in Senate Finance, Ways & Means Committee on 4/15/2025
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Placed on Senate Finance, Ways, and Means Committee calendar for 4/15/2025
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Action deferred in Senate Finance, Ways & Means Committee / Behind the Budget
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Action deferred in Senate Finance, Ways, and Means Committee to 4/1/2025
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Action deferred in Senate Finance, Ways, and Means Committee to 3/18/2025
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Placed on Senate Finance, Ways, and Means Committee calendar for 3/18/2025
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Refer to Senate Finance, Ways & Means Committee w/ recommendation, as amended
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Placed on Senate Finance, Ways, and Means Committee calendar for 3/11/2025
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Placed on Senate FW&M Revenue Subcommittee calendar for 3/4/2025
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Refer to Senate F,W&M Revenue Subcommittee
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Passed on Second Consideration, refer to Senate Finance, Ways, and Means Committee
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Introduced, Passed on First Consideration
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Filed for introduction