Senator John Thune, the #3 ranking republican in the US Senate this week filed the Investment in New Ventures and Economic Success Today (INVEST) Act, which will simplify depreciation rules and reform key parts of the tax code allowing business owners to more quickly recover investment costs and other business expenses. The INVEST Act would allow business equipment and property to be written off immediately up to $2 million under Section 179. Further, it would broaden the categories of property and equipment eligible, make temporary bonus depreciation into permanent 50-year expensing and allow new businesses to expense more of their start-up and organizational costs. Thune hopes to incorporate the INVEST Act in the Senate’s tax reform legislation planned for later this year.