Bill > S2056

This bill, known as the CREATE JOBS Act, introduces several significant changes to tax law focused on business investments and expenses. First, it permanently establishes full expensing (100% tax deduction) for qualified property placed in service after September 27, 2017, allowing businesses to immediately deduct the full cost of certain investments in the year they are made. Second, the bill introduces a "Neutral Cost Recovery Depreciation Adjustment" for residential rental and nonresidential real property, which adjusts depreciation deductions based on the gross domestic product deflator, effectively accounting for inflation and helping property owners maintain the real value of their tax deductions over time. Third, the bill modifies the treatment of research and experimental expenditures, allowing businesses to immediately deduct these expenses rather than amortizing them over time, which could provide more immediate tax benefits for companies investing in innovation and research. These changes are designed to incentivize business investment, support economic growth, and provide more flexible tax treatment for businesses across various sectors, particularly those investing in property, infrastructure, and research and development.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/2056/all-info