Bill > S197

This bill, titled the "Cost Recovery and Expensing Acceleration to Transform the Economy and Jumpstart Opportunities for Businesses and Startups Act" or the "CREATE JOBS Act," makes several key provisions: 1. It permanently allows a 100% tax deduction for qualified property placed in service after September 27, 2017, known as full expensing or full depreciation. This provision aims to encourage investment and economic growth. 2. It introduces a "neutral cost recovery depreciation adjustment" for residential rental property and nonresidential real property, which adjusts the deduction for inflation to maintain the real value of the deduction over time. This ensures the tax deduction keeps pace with changes in the cost of the asset. 3. It eliminates the requirement to amortize research and experimental expenditures over a 5-year period, allowing businesses to immediately deduct these costs. This is intended to spur innovation and investment in research and development. Overall, the bill seeks to stimulate the economy by providing tax incentives for investment in qualified property, real estate, and research and development activities.

Budget and Finance

https://www.congress.gov/bill/117th-congress/senate-bill/197/all-info