summary
Introduced
03/30/2023
03/30/2023
In Committee
03/30/2023
03/30/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th 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.
AI Summary
This bill, the Accelerate Long-term Investment Growth Now Act (or ALIGN Act), proposes to amend the Internal Revenue Code to permanently allow a 100% tax deduction for qualified property at the time the investment is made. The bill would remove the current temporary nature of this deduction, making it a permanent feature of the tax code. This change is intended to encourage businesses to invest in qualified property, such as machinery and equipment, by allowing them to deduct the full cost upfront rather than depreciating it over time. The bill also includes some conforming amendments to ensure the tax treatment aligns with this new permanent deduction.
Committee Categories
Budget and Finance
Sponsors (13)
James Lankford (R)*,
John Barrasso (R),
Marsha Blackburn (R),
John Boozman (R),
Mike Braun (R),
Shelley Moore Capito (R),
Steve Daines (R),
Mike Lee (R),
Jim Risch (R),
Marco Rubio (R),
Tim Scott (R),
John Thune (R),
Todd Young (R),
Last Action
Read twice and referred to the Committee on Finance. (on 03/30/2023)
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/118th-congress/senate-bill/1117/all-info |
| BillText | https://www.congress.gov/118/bills/s1117/BILLS-118s1117is.pdf |
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