An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Full expensing

A tax policy that allows businesses to immediately deduct the entire cost of certain investments, like new equipment, in the year they are purchased and put into service, rather than spreading the deductions over many years.

Depreciation

An accounting method that allows businesses to deduct the cost of a tangible asset (like machinery or a building) over its useful life, reflecting its wear and tear or obsolescence.

Amortization

Similar to depreciation, but used for intangible assets (like research and development costs or patents), spreading their cost over their useful life for tax deduction purposes.

Qualified property

Specific types of business assets that meet criteria outlined in tax law to be eligible for certain tax treatments, such as immediate expensing or bonus depreciation.

Gross Domestic Product (GDP) deflator

A measure used to track inflation across the entire economy, showing how much prices have changed for all goods and services produced in the country.

Internal Revenue Code of 1986

The primary body of federal tax law in the United States, which the Internal Revenue Service (IRS) enforces.