Sen. Pat Toomey (R-PA) has introduced The ALIGN Act, which makes permanent the full and immediate expensing provision of the 2017 tax reform law. Under the Tax Cuts and Jobs Act, full expensing begins to wind down at the end of 2022.
"Tax reform's most pro-growth feature was allowing businesses to immediately write off purchases of new equipment. It led to workers becoming more productive, which resulted in higher wages and more jobs," says Toomey. "My bill to make full expensing permanent would give manufacturers and businesses of all sizes certainty around investment planning and it would keep our economy humming. I thank my cosponsors for recognizing the economic benefits of full expensing and look forward to getting this measure passed and signed into law."