SWACCA Supports Toomey Bill to Make Immediate Expensing Permanent, Fix the Retail Glitch
Today, SWACCA joined the National Association of Manufacturers, the National Restaurant Association, and other prominent national associations in endorsing the Accelerate Long-term Investment Growth Now (ALIGN) Act introduced by Senator Pat Toomey (R-PA).The legislation would make permanent provisions passed as part of the 2017 Tax Cuts and Jobs Act that allowed for full and immediate expensing. The TCJA’s full and immediate expensing provisions apply to property with a class life of 20 years or less like machinery and other equipment. This provision is set to phase out by the end of 2022.
Additionally, this legislation includes provisions to fix a drafting error included in the TCJA known as the “Retail Glitch.” These provisions are identical to the Restoring Investments in Improvements Act (S.803) which SWACCA has been working with Sen. Toomey to enact into law.
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