Sec. 3101. Increased expensing
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Section 168(k)(1)(A) is amended by striking 50 percent and inserting 100 percent . Section 168(k)(2) is amended— in subparagraph (A)(iii), by striking January 1, 2020 and inserting January 1, 2023 , in subparagraph (B)(i)(II), by striking January 1, 2021 and inserting January 1, 2024 , in subparagraph (B)(i)(III), by striking January 1, 2020 and inserting January 1, 2023 , in subparagraph (B)(ii), by striking January 1, 2020 in each place it appears and inserting January 1, 2023 , and in subparagraph (E)(i), by striking January 1, 2020 and replacing it with January 1, 2023 .
Section 168(k)(2)(A)(ii) is amended to read as follows: the original use of which begins with the taxpayer or the acquisition of which by the taxpayer meets the requirements of clause
(ii)of subparagraph (E), and . Section 168(k)(2)(E)(ii) is amended to read as follows: An acquisition of property meets the requirements of this clause if— such property was not used by the taxpayer at any time prior to such acquisition, and the acquisition of such property meets the requirements of paragraphs (2)(A), (2)(B), (2)(C), and
(3)of section 179(d). , Section 168(k)(2)(E) is further amended by amending clause (iii)(I) to read as follows: property is used by a lessor of such property and such use is the lessor’s first use of such property, . Section 168(k)(2), as amended by section 2001, is amended by inserting after subparagraph
(F)the following new subparagraph: The term qualified property shall not include any property used in a trade or business described in subparagraph
(B)or
(C)of section 163(j)(7). . Section 168(k)(2)(F) is amended— by striking $8,000 in clauses
(i)and
(iii)and inserting $16,000 , and in clause (iii)— by striking placed in service by the taxpayer after December 31, 2017 and inserting acquired by the taxpayer before September 28, 2017, and placed in service by the taxpayer after September 27, 2017 , and by redesignating subclauses
(I)and
(II)as subclauses
(II)and
(III)respectively, and inserting before clause (II), as so redesignated, the following new subclause: in the case of a passenger automobile placed in service before January 1, 2018, $8,000 , . Section (k)(2)(B)(i)(III), as amended, is amended by inserting binding before contract . Section 168(k)(5) is amended by— by striking January 1, 2020 in subparagraph
(A)and inserting January 1, 2023 , by striking 50 percent in subparagraph (A)(i) and inserting 100 percent , and by striking subparagraph (F). Section 168(k)(6) is amended to read as follows: In the case of qualified property acquired by the taxpayer before September 28, 2017, and placed in service by the taxpayer after September 27, 2017, paragraph (1)(A) shall be applied by substituting for 100 percent — 50 percent in the case of— property placed in service before January 1, 2018, and property described in subparagraph
(B)or
(C)of paragraph
(2)which is placed in service in 2018, 40 percent in the case of— property placed in service in 2018 (other than property described in subparagraph
(B)or
(C)of paragraph (2)), and property described in subparagraph
(B)or
(C)of paragraph
(2)which is placed in service in 2019, and 30 percent in the case of— property placed in service in 2019 (other than property described in subparagraph
(B)or
(C)of paragraph (2)), and property described in subparagraph
(B)or
(C)of paragraph
(2)which is placed in service in 2020. . The heading of section 168(k) is amended by striking and inserting Special allowance for certain property acquired after December 31, 2007, and before January 1, 2020 . Full expensing of certain property Section 460(c)(6)(B)(ii) is amended by striking January 1, 2020 (January 1, 2021 in the case of property described in section 168(k)(2)(B)) and inserting January 1, 2023 (January 1, 2024 in the case of property described in section 168(k)(2)(B)) . Except at provided by paragraph (2), the amendments made by this section shall apply to property which— is acquired after September 27, 2017, and is placed in service after such date. For purposes of the preceding sentence, property shall not be treated as acquired after the date on which a written binding contract is entered into for such acquisition. The amendments made by subsection (f)(2) shall apply to specified plants planted or grafted after September 27, 2017. In the case of any taxpayer’s first taxable year ending after September 27, 2017, the taxpayer may elect (at such time and in such form and manner as the Secretary of the Treasury, or his designee, may provide) to apply section 168 of the Internal Revenue Code of 1986 without regard to the amendments made by this section. In the case of any taxable year which includes any portion of the period beginning on September 28, 2017, and ending on December 31, 2017, the amount of any net operating loss for such taxable year which may be treated as a net operating loss carryback (including any such carryback attributable to any specified liability loss under section 172(b)(1)(C), any corporate equity reduction interest loss under section 172(b)(1)(D), any eligible loss under section 172(b)(1)(E), and any farming loss under section 172(b)(1)(F)) shall be determined without regard to the amendments made by this section. For purposes of this paragraph, terms which are used in section 172 of the Internal Revenue Code of 1986 (determined without regard to the amendments made by section 3302) shall have the same meaning as when used in such section.