Bill > S314

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," has the following key provisions: 1. Permanently allows a 100% tax deduction for qualified property placed in service after September 27, 2017, known as "full expensing." This provision accelerates the ability for businesses and startups to fully deduct the cost of their investments upfront, rather than depreciating them over time. 2. Introduces a "neutral cost recovery depreciation adjustment" for residential rental property and nonresidential real property, allowing the deduction to be adjusted annually based on inflation, preventing the real value of the deduction from eroding over time. 3. Eliminates the requirement to amortize research and experimental expenditures over a 5-year period, allowing businesses to fully deduct these expenses in the year they are incurred. This aims to encourage investment in research and development. The bill's overall purpose is to provide permanent and accelerated tax deductions for business investments, research, and experimentation, with the goal of stimulating economic growth, job creation, and innovation.

Budget and Finance

https://www.congress.gov/bill/118th-congress/senate-bill/314/all-info