The "Cost Recovery and Expensing Acceleration to Transform the Economy and Jumpstart Opportunities for Businesses and Startups Act," or CREATE JOBS Act, proposes significant amendments to the Internal Revenue Code to enhance business tax incentives. Its primary goals are to make certain tax deductions permanent, introduce inflation adjustments for real property depreciation, and allow immediate expensing of research costs, thereby encouraging investment and innovation. Specifically, the bill makes 100% bonus depreciation permanent for qualified property placed in service after September 27, 2017, retroactively applying this provision. This change eliminates the scheduled phase-down of bonus depreciation, allowing businesses to fully deduct the cost of eligible assets in the year they are acquired. For residential rental property and nonresidential real property, the bill introduces a Neutral Cost Recovery Depreciation Adjustment . This new method adjusts depreciation deductions annually based on the Gross Domestic Product (GDP) deflator, effectively indexing them for inflation and including a 3% real return factor. Taxpayers have the option to elect out of this adjustment, and it applies to property placed in service before, on, or after the enactment date for relevant taxable years. Finally, the legislation eliminates the amortization requirement for research and experimental expenditures , allowing businesses to immediately deduct these costs in the year they are paid or incurred. This provision retroactively applies to amounts paid or incurred in taxable years beginning after December 31, 2021, reversing a prior change that mandated amortization over several years.