| 1 | 1 | | II |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION S. 187 |
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| 5 | 5 | | To amend the Internal Revenue Code of 1986 to permanently allow a tax |
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| 6 | 6 | | deduction at the time an investment in qualified property is made. |
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| 7 | 7 | | IN THE SENATE OF THE UNITED STATES |
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| 8 | 8 | | JANUARY22, 2025 |
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| 9 | 9 | | Mr. L |
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| 10 | 10 | | ANKFORD(for himself, Mr. DAINES, Mr. BARRASSO, Mrs. BLACKBURN, |
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| 11 | 11 | | Mr. Y |
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| 12 | 12 | | OUNG, Mr. GRASSLEY, Mr. MARSHALL, Mrs. CAPITO, Mr. RISCH, |
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| 13 | 13 | | and Mr. B |
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| 14 | 14 | | OOZMAN) introduced the following bill; which was read twice |
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| 15 | 15 | | and referred to the Committee on Finance |
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| 16 | 16 | | A BILL |
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| 17 | 17 | | To amend the Internal Revenue Code of 1986 to permanently |
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| 18 | 18 | | allow a tax deduction at the time an investment in quali- |
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| 19 | 19 | | fied property is made. |
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| 20 | 20 | | Be it enacted by the Senate and House of Representa-1 |
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| 21 | 21 | | tives of the United States of America in Congress assembled, 2 |
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| 22 | 22 | | SECTION 1. SHORT TITLE. 3 |
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| 23 | 23 | | This Act may be cited as the ‘‘Accelerate Long-term 4 |
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| 24 | 24 | | Investment Growth Now Act’’ or the ‘‘ALIGN Act’’. 5 |
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| 25 | 25 | | VerDate Sep 11 2014 21:21 Feb 18, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S187.IS S187 |
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| 26 | 26 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 2 |
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| 27 | 27 | | •S 187 IS |
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| 28 | 28 | | SEC. 2. PERMANENT FULL EXPENSING FOR QUALIFIED 1 |
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| 29 | 29 | | PROPERTY. 2 |
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| 30 | 30 | | (a) I |
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| 31 | 31 | | NGENERAL.—Paragraph (6) of section 168(k) 3 |
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| 32 | 32 | | of the Internal Revenue Code of 1986 is amended to read 4 |
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| 33 | 33 | | as follows: 5 |
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| 34 | 34 | | ‘‘(6) A |
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| 35 | 35 | | PPLICABLE PERCENTAGE .—For purposes 6 |
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| 36 | 36 | | of this subsection, the term ‘applicable percentage’ 7 |
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| 37 | 37 | | means, in the case of property placed in service (or, 8 |
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| 38 | 38 | | in the case of a specified plant described in para-9 |
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| 39 | 39 | | graph (5), a plant which is planted or grafted) after 10 |
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| 40 | 40 | | September 27, 2017, 100 percent.’’. 11 |
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| 41 | 41 | | (b) C |
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| 42 | 42 | | ONFORMINGAMENDMENTS.— 12 |
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| 43 | 43 | | (1) Section 168(k) of the Internal Revenue 13 |
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| 44 | 44 | | Code of 1986 is amended— 14 |
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| 45 | 45 | | (A) in paragraph (2)— 15 |
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| 46 | 46 | | (i) in subparagraph (A)— 16 |
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| 47 | 47 | | (I) in clause (i)(V), by inserting 17 |
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| 48 | 48 | | ‘‘and’’ at the end, 18 |
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| 49 | 49 | | (II) in clause (ii), by striking 19 |
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| 50 | 50 | | ‘‘clause (ii) of subparagraph (E), 20 |
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| 51 | 51 | | and’’ and inserting ‘‘clause (i) of sub-21 |
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| 52 | 52 | | paragraph (E).’’, and 22 |
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| 53 | 53 | | (III) by striking clause (iii), 23 |
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| 54 | 54 | | (ii) in subparagraph (B)— 24 |
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| 55 | 55 | | (I) in clause (i)— 25 |
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| 56 | 56 | | VerDate Sep 11 2014 21:21 Feb 18, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S187.IS S187 |
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| 57 | 57 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 3 |
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| 58 | 58 | | •S 187 IS |
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| 59 | 59 | | (aa) by striking subclauses 1 |
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| 60 | 60 | | (II) and (III), and 2 |
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| 61 | 61 | | (bb) by redesignating sub-3 |
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| 62 | 62 | | clauses (IV) through (VI) as sub-4 |
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| 63 | 63 | | clauses (II) through (IV), respec-5 |
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| 64 | 64 | | tively, 6 |
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| 65 | 65 | | (II) by striking clause (ii), and 7 |
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| 66 | 66 | | (III) by redesignating clauses 8 |
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| 67 | 67 | | (iii) and (iv) as clauses (ii) and (iii), 9 |
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| 68 | 68 | | respectively, 10 |
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| 69 | 69 | | (iii) in subparagraph (C)— 11 |
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| 70 | 70 | | (I) in clause (i), by striking ‘‘and 12 |
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| 71 | 71 | | subclauses (II) and (III) of subpara-13 |
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| 72 | 72 | | graph (B)(i)’’, and 14 |
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| 73 | 73 | | (II) in clause (ii), by striking 15 |
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| 74 | 74 | | ‘‘subparagraph (B)(iii)’’ and inserting 16 |
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| 75 | 75 | | ‘‘subparagraph (B)(ii)’’, and 17 |
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| 76 | 76 | | (iv) in subparagraph (E)— 18 |
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| 77 | 77 | | (I) by striking clause (i), and 19 |
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| 78 | 78 | | (II) by redesignating clauses (ii) 20 |
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| 79 | 79 | | and (iii) as clauses (i) and (ii), respec-21 |
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| 80 | 80 | | tively, and 22 |
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| 81 | 81 | | (B) in paragraph (5)(A), by striking 23 |
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| 82 | 82 | | ‘‘planted before January 1, 2027, or is grafted 24 |
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| 83 | 83 | | before such date to a plant that has already 25 |
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| 84 | 84 | | VerDate Sep 11 2014 21:21 Feb 18, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S187.IS S187 |
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| 85 | 85 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 4 |
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| 86 | 86 | | •S 187 IS |
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| 87 | 87 | | been planted,’’ and inserting ‘‘planted or graft-1 |
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| 88 | 88 | | ed’’. 2 |
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| 89 | 89 | | (2) Section 460(c)(6)(B) of such Code is 3 |
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| 90 | 90 | | amended by striking ‘‘which’’ and all that follows 4 |
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| 91 | 91 | | through the period and inserting ‘‘which has a recov-5 |
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| 92 | 92 | | ery period of 7 years or less.’’. 6 |
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| 93 | 93 | | (c) E |
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| 94 | 94 | | FFECTIVEDATE.—The amendments made by 7 |
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| 95 | 95 | | this section shall take effect as if included in section 8 |
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| 96 | 96 | | 13201 of Public Law 115–97. 9 |
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| 97 | 97 | | Æ |
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| 98 | 98 | | VerDate Sep 11 2014 21:21 Feb 18, 2025 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\S187.IS S187 |
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| 99 | 99 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB |
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