To amend the Internal Revenue Code of 1986 to allow an increased dollar limitation for section 179 property placed in service in the trade or business of farming.

“(6) Increased limitation for farming property—Notwithstanding paragraph (1), in the case of any section 179 property placed in service by the taxpayer in the trade or business of farming, the aggregate cost of such property which may be taken into account under subsection (a) for the taxable year shall not be less than an amount equal to $1,500,000, reduced by the cost of any other section 179 property which—

“(A) is taken into account by the taxpayer under subsection (a) for the taxable year, and

“(B) is placed in service by the taxpayer in a trade or business other than farming.”

“(B) Farming property limitation—In the case of any taxable year beginning after 2025, the dollar amount in paragraph (6) shall be increased by an amount equal to—

“(i) such dollar amount, multiplied by

“(ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting “calendar year 2024” for “calendar year 2016” in subparagraph (A)(ii) thereof.”