summary
Introduced
02/13/2020
02/13/2020
In Committee
02/13/2020
02/13/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to permanently allow a tax deduction at the time an investment in qualified property is made, and for other purposes. This bill makes permanent the expensing of certain new business equipment. Expensing allows the deduction of the full amount of an expense item in the same taxable year.
AI Summary
This bill, the Accelerate Long-term Investment Growth Now Act or the ALIGN Act, makes permanent the full expensing of certain new business equipment. Expensing allows businesses to deduct the full amount of an expense item in the same taxable year, rather than depreciating it over time. The bill also makes technical amendments to the tax code related to qualified improvement property, which is certain improvements made to the interior of a commercial building. The provisions in this bill are intended to incentivize business investment and growth.
Committee Categories
Budget and Finance
Sponsors (20)
Pat Toomey (R)*,
Mike Braun (R),
Shelley Moore Capito (R),
Kevin Cramer (R),
Ted Cruz (R),
Cory Gardner (R),
James Inhofe (R),
John Neely Kennedy (R),
James Lankford (R),
Kelly Loeffler (R),
Martha McSally (R),
Jerry Moran (R),
David Perdue (R),
Rob Portman (R),
Jim Risch (R),
Marco Rubio (R),
Tim Scott (R),
John Thune (R),
Thom Tillis (R),
Todd Young (R),
Last Action
Read twice and referred to the Committee on Finance. (on 02/13/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/3296/all-info |
| BillText | https://www.congress.gov/116/bills/s3296/BILLS-116s3296is.pdf |
| Bill | https://www.congress.gov/116/bills/s3296/BILLS-116s3296is.pdf.pdf |
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