Section 1 Short title
This Act may be cited as the “Accelerate Long-term Investment Growth Now Act” or the “ALIGN Act”.
Accelerate Long-term Investment Growth Now Act
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.
Sec. 2 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:
“(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.”
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.
Sec. 3 Technical amendments regarding qualified improvement property
in subsection (e)—
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.”
in paragraph (6)(A), by inserting “made by the taxpayer” after “any improvement”, and
in the table contained in subsection (g)(3)(B)—
by striking the item relating to subparagraph (D)(v), and
by inserting after the item relating to subparagraph (E)(vi) the following new item:
Effective date— The amendments made by this section shall take effect as if included in section 13204 of Public Law 115–97.