Bill > S187

This bill, known as the Accelerate Long-term Investment Growth Now (ALIGN) Act, permanently modifies the tax code to allow businesses to fully deduct (expense) the cost of qualified property at the time of investment. Specifically, the bill sets the "applicable percentage" for tax deductions on property placed in service after September 27, 2017, to 100 percent, which means businesses can immediately write off the entire cost of eligible property in the year it is purchased, rather than depreciating the asset over several years. This change applies to various types of property with recovery periods of 7 years or less, which could include machinery, equipment, and certain agricultural plants. The bill makes several technical amendments to existing tax law to implement this full expensing provision and is designed to incentivize business investment by providing an immediate tax benefit for capital expenditures. The amendments are retroactive, taking effect as if they were included in the Tax Cuts and Jobs Act of 2017, which initially introduced partial expensing provisions.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/187/all-info