Cost Recovery and Expensing Acceleration to Transform the Economy and Jumpstart Opportunities for Businesses and Startups Act

Hozzl · 2023-12-15T16:05:49Z

Explore the details of Senate Bill 314 Cost Recovery and Expensing Acceleration to Transform the Economy and Jumpstart Opportunities for Businesses and Startups Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/15/2023, 4:05 PM

Summary of Bill S 314

Bill 118 s 314, also known as the Cost Recovery and Expensing Acceleration to Transform the Economy and Jumpstart Opportunities for Businesses and Startups Act, aims to provide tax incentives for businesses and startups to invest in new equipment and technology. The bill proposes to accelerate the expensing of certain business investments, allowing companies to deduct the full cost of qualifying assets in the year they are purchased, rather than depreciating them over time.

The goal of the bill is to stimulate economic growth by encouraging businesses to make capital investments that will increase productivity and create jobs. By allowing businesses to immediately deduct the cost of investments, the bill aims to provide a financial incentive for companies to modernize their operations and stay competitive in the global marketplace.

Supporters of the bill argue that it will help businesses of all sizes, including startups, by reducing the cost of investing in new equipment and technology. They believe that this will lead to increased innovation, job creation, and economic growth. Critics of the bill, however, raise concerns about the potential cost to the federal government and the impact on tax revenue. They argue that the bill could disproportionately benefit large corporations and wealthy individuals, while doing little to help small businesses and startups. Overall, Bill 118 s 314 seeks to provide tax incentives for businesses to invest in new equipment and technology in order to stimulate economic growth and create opportunities for businesses and startups. The bill has generated both support and criticism, and its ultimate impact remains to be seen.

Congressional Summary of S 314

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.

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Current Status of Bill S 314

Bill S 314 is currently in the status of Bill Introduced since February 9, 2023. Bill S 314 was introduced during Congress 118 and was introduced to the Senate on February 9, 2023. Bill S 314's most recent activity was Read twice and referred to the Committee on Finance. as of February 9, 2023

Bipartisan Support of Bill S 314

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 314

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 314

Cost Recovery and Expensing Acceleration to Transform the Economy and Jumpstart Opportunities for Businesses and Startups Act

CREATE JOBS Act

A bill to amend the Internal Revenue Code of 1986 to permanently allow a tax deduction at the time an investment in qualified property is made, and for other purposes.