Sec. 70301. Full expensing for certain business property
523 words·~2 min read·
/bill/119/hr/1/eas/section-70301A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 168(k)(2)(A) is amended by adding and at the end of clause (i), by striking , and at the end of clause
(ii)and inserting a period, and by striking clause (iii). Section 168(k)(2)(B) is amended— in clause (i), by striking subclauses
(II)and
(III)and redesignating subclauses (IV), (V), and (VI), as subclauses (II), (III), and (IV), respectively, and by striking clause
(ii)and redesignating clauses
(iii)and
(iv)as clauses
(ii)and (iii), respectively. Section 168(k)(2)(E) is amended by striking clause
(i)and redesignating clauses
(ii)and
(iii)as clauses
(i)and (ii), respectively. Section 168(k)(5)(A) is amended by striking planted before January 1, 2027, or is grafted before such date to a plant that has already been planted, in the matter preceding clause
(i)and inserting planted or grafted . Section 168(k)(2)(A)(ii) is amended by striking clause
(ii)of subparagraph
(E)and inserting clause
(i)of subparagraph
(E). Section 168(k)(2)(C)(i) is amended by striking and subclauses
(II)and
(III)of subparagraph (B)(i) . Section 168(k)(2)(C)(ii) is amended by striking subparagraph (B)(iii) and inserting subparagraph (B)(ii) . Section 460(c)(6)(B) is amended by striking which and all that follows through the period and inserting which has a recovery period of 7 years or less. . Section 168(k) is amended— in paragraph (1)(A), by striking the applicable percentage and inserting 100 percent , and by striking paragraphs
(6)and (8). Section 168(k)(5)(A)(i) is amended by striking the applicable percentage and inserting 100 percent . Section 168(k)(10) is amended by striking subparagraph (A), by redesignating subparagraph
(B)as subparagraph (C), and by inserting before subparagraph
(C)(as so redesignated) the following new subparagraphs: In the case of qualified property placed in service by the taxpayer during the first taxable year ending after January 19, 2025, if the taxpayer elects to have this paragraph apply for such taxable year, paragraph (1)(A) shall be applied— in the case of property which is not described in clause (ii), by substituting 40 percent for 100 percent , or in the case of property which is described in subparagraph
(B)or
(C)of paragraph (2), by substituting 60 percent for 100 percent . In the case of any specified plant planted or grafted by the taxpayer during the first taxable year ending after January 19, 2025, if the taxpayer elects to have this paragraph apply for such taxable year, paragraph (5)(A)(i) shall be applied by substituting 40 percent for 100 percent . . Except as otherwise provided in this subsection, the amendments made by this section shall apply to property acquired after January 19, 2025. Except as provided in paragraph (3), in the case of any specified plant (as defined in section 168(k)(5)(B) of the Internal Revenue Code of 1986, as amended by this section), the amendments made by this section shall apply to such plants which are planted or grafted after January 19, 2025. The amendment made by subsection (b)(3) shall apply to taxable years ending after January 19, 2025. For purposes of paragraph (1), property shall not be treated as acquired after the date on which a written binding contract is entered into for such acquisition.