II 

118TH CONGRESS 

1ST SESSION S. 1117 

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 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Accelerate Long-term 

5 Investment Growth Now Act’’ or the ‘‘ALIGN Act’’. 


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•S 1117 IS

1 SEC. 2. PERMANENT FULL EXPENSING FOR QUALIFIED 

2 PROPERTY. 

3 (a) IN GENERAL.—Paragraph (6) of section 168(k) 

4 of the Internal Revenue Code of 1986 is amended to read 

5 as follows: 

6 ‘‘(6) APPLICABLE PERCENTAGE.—For purposes 

7 of this subsection, the term ‘applicable percentage’ 

8 means, in the case of property placed in service (or, 

9 in the case of a specified plant described in para10 graph (5), a plant which is planted or grafted) after 

11 September 27, 2017, 100 percent.’’. 

12 (b) CONFORMING AMENDMENTS.— 

13 (1) Section 168(k) of the Internal Revenue 

14 Code of 1986 is amended— 

15 (A) in paragraph (2)— 

16 (i) in subparagraph (A)— 

17 (I) in clause (i)(V), by inserting 

18 ‘‘and’’ at the end, 

19 (II) in clause (ii), by striking 

20 ‘‘clause (ii) of subparagraph (E), 

21 and’’ and inserting ‘‘clause (i) of sub22 paragraph (E).’’, and 

23 (III) by striking clause (iii), 

24 (ii) in subparagraph (B)— 

25 (I) in clause (i)— 


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•S 1117 IS

1 (aa) by striking subclauses 

2 (II) and (III), and 

3 (bb) by redesignating sub4 clauses (IV) through (VI) as sub5 clauses (II) through (IV), respec6 tively, 

7 (II) by striking clause (ii), and 

8 (III) by redesignating clauses 

9 (iii) and (iv) as clauses (ii) and (iii), 

10 respectively, 

11 (iii) in subparagraph (C)— 

12 (I) in clause (i), by striking ‘‘and 

13 subclauses (II) and (III) of subpara14 graph (B)(i)’’, and 

15 (II) in clause (ii), by striking 

16 ‘‘subparagraph (B)(iii)’’ and inserting 

17 ‘‘subparagraph (B)(ii)’’, and 

18 (iv) in subparagraph (E)— 

19 (I) by striking clause (i), and 

20 (II) by redesignating clauses (ii) 

21 and (iii) as clauses (i) and (ii), respec22 tively, and 

23 (B) in paragraph (5)(A), by striking 

24 ‘‘planted before January 1, 2027, or is grafted 

25 before such date to a plant that has already 


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•S 1117 IS

1 been planted,’’ and inserting ‘‘planted or graft2 ed’’. 

3 (2) Section 460(c)(6)(B) of such Code is 

4 amended by striking ‘‘which’’ and all that follows 

5 through the period and inserting ‘‘which has a recov6 ery period of 7 years or less.’’. 

7 (c) EFFECTIVE DATE.—The amendments made by 

8 this section shall take effect as if included in section 

9 13201 of Public Law 115–97. 

Æ 


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