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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 187 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
1st Session
S. 187
To amend the Internal Revenue Code of 1986 to permanently allow a tax
deduction at the time an investment in qualified property is made.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
January 22, 2025
Mr. Lankford (for himself, Mr. Daines, Mr. Barrasso, Mrs. Blackburn,
Mr. Young, Mr. Grassley, Mr. Marshall, Mrs. Capito, Mr. Risch, and Mr.
Boozman) 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.
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.
<all>
Introduced in Senate
Read twice and referred to the Committee on Finance.
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