S. 187

115 S187 IS: Accelerate Long-term Investment Growth Now Act
 U.S. Senate
 2025-01-22
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 EN
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 II  119th CONGRESS  1st Session  S. 187  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.
1.
Short title
This Act may be cited as the   Accelerate Long-term Investment Growth Now Act   or the   ALIGN Act  .
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 .