Full Expensing of Certain Business Property (Section 70301)

Provides a permanent 100-percent additional first-year depreciation deduction for qualified property acquired after January 19, 2025, and specified plants planted or grafted after January 19, 2025. Taxpayers may elect instead to deduct 40-percent (or 60-percent for long production period property and certain aircraft) additional first-year depreciation for the first tax year ending after January 19, 2025.