US SB2056

Permanently sets 100% bonus depreciation for qualified property placed in service after September 27, 2017, eliminating the scheduled phase-down that would reduce the deduction over time

Creates a "neutral cost recovery" inflation adjustment for residential rental and nonresidential real property depreciation, multiplying annual deductions by a ratio based on GDP deflator changes plus a 1.03 annual factor

Restores immediate expensing of research and experimental expenditures under Section 174, reversing the 2017 tax law change that required 5-year amortization (15 years for foreign research) beginning in 2022

Applies the R&D expensing restoration retroactively to amounts paid or incurred in taxable years beginning after December 31, 2021

Removes date limitations on bonus depreciation for specified plants (those planted or grafted), which previously had to be planted before January 1, 2027