S. 1117 - Accelerate Long-term Investment Growth Now (ALIGN) Act

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.

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) f the Internal Revenue Code of 1986 is amended to read s 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 his section shall take effect as if included in section 13201 of Public Law 115-97.