CREATE JOBS Act

Makes bonus/"full" expensing permanent for qualifying property placed in service after September 27, 2017; creates an inflation‑adjusted "neutral cost recovery" adjustment that scales depreciation deductions for residential and nonresidential real property (with an opt‑out); and restores and clarifies tax treatment for research and experimental (R&E) expenditures, including when taxpayers may deduct versus amortize those costs (with the R&E changes effective for tax years beginning after 12/31/2021). These changes amend multiple parts of the Internal Revenue Code to change timing and amounts of business tax deductions and update related minimum tax and conformity rules.