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.
About This Bill
Committee
Latest Action · July 30, 2020
Read twice and referred to the Committee on Finance.
Cost Recovery and Expensing Acceleration to Transform the Economy and Jumpstart Opportunities for Businesses and Startups Act of 2020 or the CREATE JOBS Act
This bill allows permanent expensing of qualified property (i.e., property with a recovery period of 20 years or less and that is computer software, water utility property, or film, television, or live theatrical production property). It also modifies depreciation provisions for residential rental property and nonresidential real property.
The bill repeals provisions for the amortization of research and experimental expenditures, thus providing for direct expensing of such expenditures.
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