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
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.