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Full Expensing

A tax policy that allows businesses to deduct the entire cost of certain investments, like new equipment or machinery, in the year they are purchased, rather than spreading those deductions over several years.

Qualified Property

Specific types of tangible personal property, like machinery, equipment, furniture, and certain improvements to buildings, that are eligible for special tax treatment under the tax code.

Tax Deduction

An amount that can be subtracted from a person's or company's taxable income, reducing the total amount of income subject to tax.

Internal Revenue Code

The body of law in the United States that governs federal tax laws, enforced by the Internal Revenue Service (IRS).

Retroactive

Taking effect from a date in the past. In this case, the tax changes would apply to investments made before the bill itself becomes law.

Depreciation

The accounting method used to spread the cost of a tangible asset over its useful life. For tax purposes, it refers to deducting a portion of an asset's cost each year.