The U.S. House of Representatives today passed President Donald Trump’s One Big Beautiful Bill Act in a 218-214 vote, and it now goes to Trump’s desk to be signed.
The legislation includes 100% bonus depreciation, allowing businesses to deduct the full cost of eligible new and used equipment acquired after Jan. 19. The bill also allows businesses to deduct interest expenses based on earnings before depreciation and amortization.
These provisions are “foundational to a healthy, competitive environment for business investment,” Equipment Leasing and Finance Association President and Chief Executive Leigh Lytle stated in a release today.
“Making [the deductions] permanent provides the certainty our industry needs to continue helping businesses acquire equipment that powers their growth,” she said.
“This is a major victory for our members and the customers they serve and reflects years of persistent, focused advocacy from ELFA and our partners.”
Trucking, construction, ag industries respond
Other industry trade groups with ties to equipment finance commended the House vote in statements today.
American Trucking Associations President Chris Spear said passing the bill better positions truckers to purchase equipment.
“This is our money, not the government’s, and truckers know better than anyone how to reinvest it to promote prosperity,” he said.
“Motor carriers, the overwhelming majority of which are small businesses that operate ten trucks or fewer, will now have the ability to plan for the future, continue to provide good-paying jobs, and upgrade equipment.”
The Associated Builders and Contractors shared a similar sentiment, asserting that the legislation provides “much-needed tax certainty for the U.S. construction industry.”
“We look forward to President Donald Trump signing it into law,” said Kristen Swearingen, ABC vice president of government affairs. “Doing so will provide immediate relief to Main Street businesses and ensure the construction industry can continue to drive economic growth and opportunity nationwide.”
American Farm Bureau Federation President Zippy Duvall also applauded the decision, noting the importance of proposed farm subsidies under the bill.
“Modernizing important farm safety net programs and making permanent critical tax provisions could be the difference between staying in business or shutting down the family farm,” he said. “More than half of farmers are losing money, so an increase in reference prices is desperately needed, and tax tools will help farmers and ranchers plan for the next season and the next generation.”
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