The article is devoted to the characterization of results and efficiency of tax instruments used in Russia to stimulate investment activity of Russian business, taking into account their regional specifics. It was shown that tax innovations of the mid-2000s. which make it pos sible to attribute to expenses for the calculation of the corporate profit tax at the beginning of the use of depreciable property a significant part of its value, are in low demand by Russian business. The investment tax deduction on CPT, organized according to the “two keys” rule, has not been widely implemented in regional legislation and has either too narrow application or significant restrictions compared to the possibilities provided for at the federal level.