Accelerate Long-term Investment Growth Now Act or the ALIGN Act
This bill makes permanent the expensing of certain new business equipment. Expensing allows the deduction of the full amount of an expense item in the same taxable year.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3296 Introduced in Senate (IS)]
<DOC>
116th CONGRESS
2d Session
S. 3296
To amend the Internal Revenue Code of 1986 to permanently allow a tax
deduction at the time an investment in qualified property is made, and
for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 13, 2020
Mr. Toomey (for himself, Mr. Perdue, Mr. Tillis, Mr. Cruz, Mr. Rubio,
Mr. Risch, Mr. Cramer, Mrs. Capito, Mr. Inhofe, Mr. Gardner, Mr.
Portman, Mr. Braun, Mr. Scott of South Carolina, Mr. Moran, and Mr.
Lankford) introduced the following bill; which was read twice and
referred to the Committee on Finance
_______________________________________________________________________
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, and
for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Accelerate Long-term Investment
Growth Now Act'' or the ``ALIGN Act''.
SEC. 2. PERMANENT FULL EXPENSING FOR QUALIFIED PROPERTY.
(a) In General.--Paragraph (6) of section 168(k) of the Internal
Revenue Code of 1986 is amended to read as follows:
``(6) Applicable percentage.--For purposes of this
subsection, the term `applicable percentage' means, in the case
of property placed in service (or, in the case of a specified
plant described in paragraph (5), a plant which is planted or
grafted) after September 27, 2017, 100 percent.''.
(b) Conforming Amendments.--
(1) Section 168(k) of the Internal Revenue Code of 1986 is
amended--
(A) in paragraph (2)--
(i) in subparagraph (A)--
(I) in clause (i)(V), by inserting
``and'' at the end,
(II) in clause (ii), by striking
``clause (ii) of subparagraph (E),
and'' and inserting ``clause (i) of
subparagraph (E).'', and
(III) by striking clause (iii),
(ii) in subparagraph (B)--
(I) in clause (i)--
(aa) by striking subclauses
(II) and (III), and
(bb) by redesignating
subclauses (IV) through (VI) as
subclauses (II) through (IV),
respectively,
(II) by striking clause (ii), and
(III) by redesignating clauses
(iii) and (iv) as clauses (ii) and
(iii), respectively,
(iii) in subparagraph (C)--
(I) in clause (i), by striking
``and subclauses (II) and (III) of
subparagraph (B)(i)'', and
(II) in clause (ii), by striking
``subparagraph (B)(iii)'' and inserting
``subparagraph (B)(ii)'', and
(iv) in subparagraph (E)--
(I) by striking clause (i), and
(II) by redesignating clauses (ii)
and (iii) as clauses (i) and (ii),
respectively, and
(B) in paragraph (5)(A), by striking ``planted
before January 1, 2027, or is grafted before such date
to a plant that has already been planted,'' and
inserting ``planted or grafted''.
(2) Section 460(c)(6)(B) of such Code is amended by
striking ``which'' and all that follows through the period and
inserting ``which has a recovery period of 7 years or less.''.
(c) Effective Date.--The amendments made by this section shall take
effect as if included in section 13201 of Public Law 115-97.
SEC. 3. TECHNICAL AMENDMENTS REGARDING QUALIFIED IMPROVEMENT PROPERTY.
(a) In General.--Section 168 of the Internal Revenue Code of 1986,
as amended by section 2, is amended--
(1) in subsection (e)--
(A) in paragraph (3)(E), by striking ``and'' at the
end of clause (v), by striking the period at the end of
clause (vi) and inserting ``, and'', and by adding at
the end the following new clause:
``(vii) any qualified improvement
property.'', and
(B) in paragraph (6)(A), by inserting ``made by the
taxpayer'' after ``any improvement'', and
(2) in the table contained in subsection (g)(3)(B)--
(A) by striking the item relating to subparagraph
(D)(v), and
(B) by inserting after the item relating to
subparagraph (E)(vi) the following new item:
``(E)(vii)......................................... 20''.
(b) Effective Date.--The amendments made by this section shall take
effect as if included in section 13204 of Public Law 115-97.
<all>
Introduced in Senate
Read twice and referred to the Committee on Finance.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line