Bill > HR574

This bill, known as the Accelerate Long-term Investment Growth Now Act (or ALIGN Act), permanently modifies the tax code to allow businesses to fully deduct (or "expense") the cost of qualifying property investments at the time they are made. Specifically, the bill changes Section 168(k) of the Internal Revenue Code to set the "applicable percentage" for property placed in service after September 27, 2017, at 100 percent, which means businesses can immediately deduct the full cost of qualifying property investments instead of depreciating the cost over several years. The bill makes several technical conforming amendments to remove previous time-limited provisions and simplify the tax code language. The changes are designed to encourage business investment by providing an immediate tax benefit for purchasing qualifying property, such as equipment and certain plants. The effective date of the bill is retroactive, meaning it will apply as if it were included in the original tax law changes from Public Law 115-97 (the Tax Cuts and Jobs Act of 2017).

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/574/all-info