The "CREATE JOBS Act" proposes significant amendments to the Internal Revenue Code to provide permanent tax benefits for business investments. It makes 100% bonus depreciation permanent for qualified property placed in service after September 27, 2017, by amending Section 168(k) to set the applicable percentage at 100%. This change retroactively applies as if included in the Tax Cuts and Jobs Act of 2017, ensuring businesses can fully expense eligible capital expenditures immediately. The bill also introduces a Neutral Cost Recovery Depreciation Adjustment for residential rental property and nonresidential real property. This new provision, under Section 168(n), adjusts annual depreciation deductions by an inflation-based ratio tied to the Gross Domestic Product deflator, plus a 3% annual factor, ensuring the ratio is never less than 1. Taxpayers can elect not to apply this adjustment, and any additional deduction does not impact the property's adjusted basis or depreciation recapture. This aims to provide a more realistic depreciation allowance that accounts for inflation over time. Furthermore, the legislation eliminates the amortization requirement for research and experimental expenditures , allowing businesses to immediately deduct these costs. By amending Section 174, it reinstates the option for taxpayers to treat these expenditures as expenses in the year they are paid or incurred, rather than amortizing them over five years. This change applies to amounts paid or incurred in taxable years beginning after December 31, 2021, and includes conforming amendments related to the research credit.