Title: ALIGN Act
Policy area: Taxation

Summary:
Accelerate Long-term Investment Growth Now Act or the ALIGN Act
This bill makes permanent the expensing of certain new business equipment. Expensing allows the deduction of the full amount of an expense item in the same taxable year.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3296 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 3296

 To amend the Internal Revenue Code of 1986 to permanently allow a tax 
deduction at the time an investment in qualified property is made, and 
                          for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 13, 2020

 Mr. Toomey (for himself, Mr. Perdue, Mr. Tillis, Mr. Cruz, Mr. Rubio, 
   Mr. Risch, Mr. Cramer, Mrs. Capito, Mr. Inhofe, Mr. Gardner, Mr. 
  Portman, Mr. Braun, Mr. Scott of South Carolina, Mr. Moran, and Mr. 
   Lankford) 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, and 
                          for other purposes.

    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.

SEC. 3. TECHNICAL AMENDMENTS REGARDING QUALIFIED IMPROVEMENT PROPERTY.

    (a) In General.--Section 168 of the Internal Revenue Code of 1986, 
as amended by section 2, is amended--
            (1) in subsection (e)--
                    (A) in paragraph (3)(E), by striking ``and'' at the 
                end of clause (v), by striking the period at the end of 
                clause (vi) and inserting ``, and'', and by adding at 
                the end the following new clause:
                            ``(vii) any qualified improvement 
                        property.'', and
                    (B) in paragraph (6)(A), by inserting ``made by the 
                taxpayer'' after ``any improvement'', and
            (2) in the table contained in subsection (g)(3)(B)--
                    (A) by striking the item relating to subparagraph 
                (D)(v), and
                    (B) by inserting after the item relating to 
                subparagraph (E)(vi) the following new item:
        ``(E)(vii).........................................       20''.
    (b) Effective Date.--The amendments made by this section shall take 
effect as if included in section 13204 of Public Law 115-97.
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