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Bill > S4376
US S4376
CREATE JOBS Act Cost Recovery and Expensing Acceleration to Transform the Economy and Jumpstart Opportunities for Businesses and Startups Act of 2020
summary
Introduced
07/30/2020
07/30/2020
In Committee
07/30/2020
07/30/2020
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 allows permanent expensing of qualified property (i.e., property with a recovery period of 20 years or less and that is computer software, water utility property, or film, television, or live theatrical production property). It also modifies depreciation provisions for residential rental property and nonresidential real property. The bill repeals provisions for the amortization of research and experimental expenditures, thus providing for direct expensing of such expenditures.
AI Summary
This bill, the CREATE JOBS Act, would amend the Internal Revenue Code to permanently allow a tax deduction when an investment is made in qualified property, defined as property with a recovery period of 20 years or less, including computer software, water utility property, and film/television/live theatrical production property. It would also modify depreciation provisions for residential rental and nonresidential real property, and eliminate the amortization of research and experimental expenditures, allowing for direct expensing of such costs.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Read twice and referred to the Committee on Finance. (on 07/30/2020)
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/4376/all-info |
| BillText | https://www.congress.gov/116/bills/s4376/BILLS-116s4376is.pdf |
| Bill | https://www.congress.gov/116/bills/s4376/BILLS-116s4376is.pdf.pdf |
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