ALIGN Act Would Make Full Expensing Permanent
February 24, 2020 |
The Accelerate Long-Term Investment Growth Now (ALIGN) Act was introduced recently by Senator Pat Toomey (R-PA). Part of President Trump's 2017 tax reform allows businesses to immediately write off the full costs of certain business investments thru 2022, and the ALIGN Act would make that provision permanent.
"Tax reform's most pro-growth feature was allowing businesses to immediately write off purchases of new equipment. It led to workers becoming more productive, which resulted in higher wages and more jobs," said Senator Toomey. "My bill to make full expensing permanent would give manufacturers and businesses of all sizes certainty around investment planning and it would keep our economy humming. I thank my cosponsors for recognizing the economic benefits of full expensing and look forward to getting this measure passed and signed into law."
Additionally, the ALIGN Act fixes an inadvertent drafting error in the tax code that prohibits restaurants, retailers, and other leaseholders from taking full advantage of the expensing rules, leading to cost-prohibitive renovation projects and stalled investments. Treasury Secretary Mnuchin called this measure Treasury's "number one request to get a Congressional fix."
The ALIGN Act is co-sponsored by Senators Mike Braun (R-IN), Shelley Moore Capito (R- WV), Kevin Cramer (R-ND), Ted Cruz (R-TX), Cory Gardner (R-CO), Jim Inhofe (R-OK), James Lankford (R-OK), Jerry Moran (R-KS), David Perdue (R-GA), Rob Portman (R-OH), Jim Risch (R-ID), Marco Rubio (R-FL), Tim Scott (R-SC), and Thom Tillis (R-NC).
From PMAA