[Congressional Record Volume 168, Number 199 (Wednesday, December 21, 2022)]
[Senate]
[Pages S10018-S10019]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

       SA 6610. Mr. TOOMEY submitted an amendment intended to be proposed by 
     him to the bill H.R. 2617, to amend section 1115 of title 31, United 
     States Code, to amend the description of how performance goals are 
     achieved, and for other purposes; which was ordered to lie on the 
     table; as follows:
     
            At the end, add the following:
     
                              DIVISION KK--EXPENSING
     
          SEC. 1. EXTENSION OF 100-PERCENT EXPENSING.
     
            (a) In General.--Section 168(k)(6)(A) of the Internal 
          Revenue Code of 1986 is amended--
            (1) in clause (i), by striking ``January 1, 2023'' and 
          inserting ``January 1, 2024'',
            (2) in clause (ii)--
            (A) by striking ``December 31, 2022'' and inserting 
          ``December 31, 2023'', and
            (B) by striking ``January 1, 2024'' and inserting ``January 
          1, 2025'',
            (3) in clause (iii)--
            (A) by striking ``December 31, 2023'' and inserting 
          ``December 31, 2024'', and
            (B) by striking ``January 1, 2025'' and inserting ``January 
          1, 2026'',
            (4) in clause (iv)--
            (A) by striking ``December 31, 2024'' and inserting 
          ``December 31, 2025'', and
            (B) by striking ``January 1, 2026'' and inserting ``January 
          1, 2027'', and
     
     [[Page S10019]]
     
            (5) in clause (v)--
            (A) by striking ``December 31, 2025'' and inserting 
          ``December 31, 2026'', and
            (B) by striking ``January 1, 2027'' and inserting ``January 
          1, 2028''.
            (b) Rule for Property With Longer Production Periods.--
          Section 168(k)(6)(B) of the Internal Revenue Code of 1986 is 
          amended--
            (1) in clause (i), by striking ``January 1, 2024'' and 
          inserting ``January 1, 2025'',
            (2) in clause (ii)--
            (A) by striking ``December 31, 2023'' and inserting 
          ``December 31, 2024'', and
            (B) by striking ``January 1, 2025'' and inserting ``January 
          1, 2026'',
            (3) in clause (iii)--
            (A) by striking ``December 31, 2024'' and inserting 
          ``December 31, 2025'', and
            (B) by striking ``January 1, 2026'' and inserting ``January 
          1, 2027'',
            (4) in clause (iv)--
            (A) by striking ``December 31, 2025'' and inserting 
          ``December 31, 2026'', and
            (B) by striking ``January 1, 2027'' and inserting ``January 
          1, 2028'', and
            (5) in clause (v)--
            (A) by striking ``December 31, 2026'' and inserting 
          ``December 31, 2027'', and
            (B) by striking ``January 1, 2028'' and inserting ``January 
          1, 2029''.
            (c) Rule for Plants Bearing Fruits and Nuts.--Section 
          168(k)(6)(C) of the Internal Revenue Code of 1986 is 
          amended--
            (1) in clause (i), by striking ``January 1, 2023'' and 
          inserting ``January 1, 2024'',
            (2) in clause (ii)--
            (A) by striking ``December 31, 2022'' and inserting 
          ``December 31, 2023'', and
            (B) by striking ``January 1, 2024'' and inserting ``January 
          1, 2025'',
            (3) in clause (iii)--
            (A) by striking ``December 31, 2023'' and inserting 
          ``December 31, 2024'', and
            (B) by striking ``January 1, 2025'' and inserting ``January 
          1, 2026'',
            (4) in clause (iv)--
            (A) by striking ``December 31, 2024'' and inserting 
          ``December 31, 2025'', and
            (B) by striking ``January 1, 2026'' and inserting ``January 
          1, 2027'', and
            (5) in clause (v)--
            (A) by striking ``December 31, 2025'' and inserting 
          ``December 31, 2026'', and
            (B) by striking ``January 1, 2027'' and inserting ``January 
          1, 2028''.
            (d) Extension.--
            (1) In general.--Section 168(k) of the Internal Revenue 
          Code of 1986 is amended--
            (A) in paragraph (2)--
            (i) in subparagraph (A)(iii), clauses (i)(III) and (ii) of 
          subparagraph (B), and subparagraph (E)(i), by striking 
          ``January 1, 2027'' each place it appears and inserting 
          ``January 1, 2028'', and
            (ii) in subparagraph (B)--
     
            (I) in clause (i)(II), by striking ``January 1, 2028'' and 
          inserting ``January 1, 2029'', and
            (II) in the heading of clause (ii), by striking ``pre-
          january 1, 2027'' and inserting ``pre-january 1, 2028'', and
     
            (B) in paragraph (5)(A), by striking ``January 1, 2027'' 
          and inserting ``January 1, 2028''.
            (2) Conforming amendment.--Clause (ii) of section 
          460(c)(6)(B) of the Internal Revenue Code of 1986 is amended 
          by striking ``January 1, 2027 (January 1, 2028'' and 
          inserting ``January 1, 2028 (January 1, 2029''.
            (e) Effective Date.--The amendments made by this section 
          shall apply to property placed in service, and specified 
          plants (as defined in section 168(k)(5)(B) of the Internal 
          Revenue Code of 1986) planted or grafted, after December 31, 
          2022.
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