S.197 - CREATE JOBS Act117th Congress (2021-2022) |
|Sponsor:||Sen. Cruz, Ted [R-TX] (Introduced 02/03/2021)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 02/03/2021 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.197 — 117th Congress (2021-2022)All Information (Except Text)
Introduced in Senate (02/03/2021)
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.