This proposal would let businesses immediately deduct the full cost of qualifying equipment and certain plants in the year they’re bought and put to use, instead of spreading the write-off over many years. It makes this “full expensing” permanent by setting the deduction at 100% going forward for property placed in service after September 27, 2017. It also updates a related tax rule so it covers property that normally depreciates in 7 years or less, and it applies as if it had been part of Public Law 115–97.

Key points:

• Who is affected: Businesses that buy qualifying property like equipment and certain plants used in their operations.
• What changes: A permanent 100% first-year deduction for qualified property; removal of the phase-down that would reduce the deduction over time; and a related tweak for 7‑year‑or‑less property.
• When: Covers property placed in service after September 27, 2017, and takes effect as if included in Public Law 115–97.