INVEST Act of 2017
Latest action · May 17, 2017 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3011-3012)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 17, 2017
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Investment in New Ventures and Economic Success Today Act of 2017 or the INVEST Act of 2017
This bill amends the Internal Revenue Code to modify various tax deductions, accounting methods, expensing rules, and cost recovery rules that apply to businesses.
The bill replaces several existing provisions relating to deductions for start-up and organizational business expenses with a consolidated deduction. The new provision applies to all business types, increases the dollar limitations for expenses that may be deducted, and reduces the amortization period for costs that exceed the expensing limit.
With respect to accounting methods, the bill modifies the requirements for using the cash accounting method, inventory accounting rules for small businesses, and accounting rules that apply to certain construction contracts.
The bill modifies the expensing and cost recovery rules to:
- increase the dollar limitation for the expensing of certain depreciable business assets,
- modify the rules that apply to the expensing of costs related to real property,
- make permanent the rule that allows businesses to elect to expense 50% of the cost of certain property and recover the remaining cost under the current depreciation rules,
- modify the depreciation rules for farm machinery and equipment,
- require the Department of the Treasury to update the schedule of class lives for depreciable property,
- modify the depreciation rules for luxury automobiles,
- modify the depreciation rules for computer or peripheral equipment used for personal purposes, and
- reduce the amortization period for intangible property acquired by a business.
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from May 17, 2017 to Sep 27, 2017, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-KS | Pat Roberts | Original | May 17, 2017 |
| R-ND | John Hoeven | Sep 27, 2017 |
Actions 2
Everything that happened, newest first.
- May 17, 2017Introduced in Senate
- May 17, 2017Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3011-3012)
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- May 17, 2017Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.