H.R. 574 — ALIGN Act

This section makes permanent 100% bonus depreciation (i.e., full expensing) for qualified property placed in service after September 27, 2017 (previously phasing down from 100% through 2022 to 80% in 2023, 60% in 2024, 40% in 2025, 20% in 2026, and 0% thereafter), including specified plants with no planting or grafting date limit (previously through 2026). It makes conforming amendments to remove phase-down rules and transitional references in IRC §168(k) and to simplify long-term contract rules under IRC §460(c)(6)(B).