Order
2025R: HB1501
TO ADOPT FEDERAL INCOME TAX LAW REGARDING DEPRECIATION AND THE EXPENSING OF PROPERTY; AND TO INCREASE THE AMOUNT ALLOWED FOR THE EXPENSING OF CERTAIN DEPRECIABLE BUSINESS ASSETS TO THE AMOUNT ALLOWED UNDER FEDERAL LAW.
Latest action: Died in House Committee at Sine Die adjournment.
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| Sponsor | Role |
|---|---|
| Beaty Jr. | lead |
| Gilmore | primary |
| When | Chamber | Action |
|---|---|---|
| Feb 17, 2025, 1:13 p.m. CT | House | Filed |
| Feb 17, 2025, 5:23 p.m. CT | House | Read the first time, rules suspended, read the second time and referred to the Committee on REVENUE & TAXATION- HOUSE |
| May 5, 2025, 10:36 a.m. CT | House | Died in House Committee at Sine Die adjournment. |
Meetings
| When | Meeting | Video |
|---|---|---|
| Mar 18, 2025, 10:00 a.m. CT | House Revenue and Taxation Committee · Committee Room 151 | Video Add to Google Calendar Add to Apple Calendar |
No amendments stored.
Fiscal impact
DFA1 · Feb 27, 2025
Fiscal Impact Statement
Bill: HB1501
Bill Subtitle: TO ADOPT FEDERAL INCOME TAX LAW REGARDING DEPRECIATION AND THE
EXPENSING OF PROPERTY; AND TO INCREASE THE AMOUNT ALLOWED FOR THE
EXPENSING OF CERTAIN DEPRECIABLE BUSINESS ASSETS TO THE AMOUNT ALLOWED
UNDER FEDERAL LAW.
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Sponsors:
Rep. Beaty and Sen. Gilmore
Basic Change:
HB1501 amends § 26-51-428 to adopt the bonus depreciation provisions of federal income tax law in
26 U.S.C. § 168(k) as in effect on January 1, 2024. The bonus deprecation provisions of §168(k) allow
additional first-year depreciation for certain types of qualifying property when computing income tax
liability. Bonus depreciation results in a larger depreciation deduction for qualifying property in the year
the property is placed into service.
HB1501 is effective for tax years beginning on or after January 1, 2025.
Fiscal Impact:
FY2026 - $104M General Revenue Reduction
FY2027 - $35M General Revenue Reduction
FY2028 and after - $0 General Revenue Impact.
[ Fiscal impact estimate is based on federal projections for bonus depreciatio
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Last checked Nov 12, 2026, 3:09 p.m. CT.
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