CREATE JOBS Act

Makes three major changes to the tax code: it permanently restores 100% bonus depreciation for qualifying property (and removes a prior planting cutoff for certain plants), it raises annual depreciation deductions for residential rental and nonresidential real property by applying a new “neutral cost recovery ratio” tied to the GDP deflator plus a 3% factor (with a one‑time irrevocable opt‑out), and it rewrites rules for research and experimental (R&E) spending so qualifying R&E costs can be deducted currently (with an alternative amortization election and eligibility limits). The bill applies some changes retroactively (treated as if included in the 2017 law) and sets specific effective dates for the R&E and real‑property rules, so taxpayers, accountants, and state tax systems will need to consider amended or future returns and compliance implications.