II
118th CONGRESS
1st Session
S. 1117
IN THE SENATE OF THE UNITED STATES
March 30, 2023
Mr. Lankford (for himself, Mr. Risch, Mr. Rubio, Mr. Barrasso, Mr. Braun, Mrs. Blackburn, Mr. Young, Mr. Daines, Mr. Boozman, Mr. Thune, and Mr. Scott of South Carolina) 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.
Short title
This Act may be cited as the Accelerate Long-term Investment Growth Now Act
or the ALIGN Act
.
Permanent full expensing for qualified property
In general
Paragraph (6) of section 168(k) of the Internal Revenue Code of 1986 is amended to read as follows:
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.
.
Conforming amendments
Section 168(k) of the Internal Revenue Code of 1986 is amended—
in paragraph (2)—
in subparagraph (A)—
in clause (i)(V), by inserting and
at the end,
in clause (ii), by striking clause (ii) of subparagraph (E), and
and inserting clause (i) of subparagraph (E).
, and
by striking clause (iii),
in subparagraph (B)—
in clause (i)—
by striking subclauses (II) and (III), and
by redesignating subclauses (IV) through (VI) as subclauses (II) through (IV), respectively,
by striking clause (ii), and
by redesignating clauses (iii) and (iv) as clauses (ii) and (iii), respectively,
in subparagraph (C)—
in clause (i), by striking and subclauses (II) and (III) of subparagraph (B)(i)
, and
in clause (ii), by striking subparagraph (B)(iii)
and inserting subparagraph (B)(ii)
, and
in subparagraph (E)—
by striking clause (i), and
by redesignating clauses (ii) and (iii) as clauses (i) and (ii), respectively, and
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
.
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.
.
Effective date
The amendments made by this section shall take effect as if included in section 13201 of Public Law 115–97.