Tennessee · 114th Regular Session (2025-2026) · Bill

SB 32: 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.

In committee Last action April 22, 2025: Assigned to General Subcommittee of Senate Finance, Ways & Means Committee

Plain-language summary

SB 32 is a bill introduced in the Tennessee Senate on January 6, 2025. According to its official title, it concerns: 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. Primary sponsor: Paul Bailey (Republican). Most recent recorded action (April 22, 2025): Assigned to General Subcommittee of Senate Finance, Ways & Means Committee.

Sponsors

Primary sponsor: Paul Bailey (Republican).