SB 32 Reported from Committee
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.
Introduced
In Committee
Floor
Crossed Over
Passed
Enacted
Apr 22, 2025 · House
Assigned to General Subcommittee of Senate Finance, Ways & Means Committee
Apr 17, 2025 · House
Placed on Senate Finance, Ways, and Means Committee calendar for 4/21/2025
Apr 14, 2025 · House
Placed on Senate Finance, Ways, and Means Committee calendar for 4/15/2025
Apr 14, 2025 · House
Rule #83(8) Suspended, to be heard in Senate Finance, Ways & Means Committee on 4/15/2025
Mar 25, 2025 · House
Action deferred in Senate Finance, Ways & Means Committee / Behind the Budget
Mar 18, 2025 · House
Action deferred in Senate Finance, Ways, and Means Committee to 4/1/2025
Mar 11, 2025 · House
Placed on Senate Finance, Ways, and Means Committee calendar for 3/18/2025
Mar 11, 2025 · House
Action deferred in Senate Finance, Ways, and Means Committee to 3/18/2025
Mar 4, 2025 · House
Placed on Senate Finance, Ways, and Means Committee calendar for 3/11/2025
Mar 4, 2025 · House
Refer to Senate Finance, Ways & Means Committee w/ recommendation, as amended
Feb 25, 2025 · House
Placed on Senate FW&M Revenue Subcommittee calendar for 3/4/2025
Feb 18, 2025 · House
Refer to Senate F,W&M Revenue Subcommittee
Jan 15, 2025 · Senate
Passed on Second Consideration, refer to Senate Finance, Ways, and Means Committee
Jan 14, 2025 · House
Introduced, Passed on First Consideration
Jan 6, 2025 · House
Filed for introduction