S 197
117th Congress
Senate
Taxation
Business expenses
Income tax deductions
Real estate business
Research and development
CREATE JOBS Act
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 3, 2021
Read twice and referred to the Committee on Finance.
Feb 3, 2021
Introduced in Senate
Plain-English summary
Cost Recovery and Expensing Acceleration to Transform the Economy and Jumpstart Opportunities for Businesses and Startups Act 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.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1