The bill contains small-business tax provisions supported by NSBA.
UPDATE | After passage in the House, bipartisan tax deal still faces significant hurdles in the Senate, with a number of Senate Finance Committee Republicans publicly calling for hearings and expressing skepticism in the bill’s current form.
This week, Congress is set to vote on the new, bipartisan, bicameral Tax Relief for American Families and Workers Act of 2024. Negotiated by Senator Ron Wyden (D-Ore.) and Rep. Jason Smith (R-Mo.), the massive, multibillion-dollar bill is expected to fulfill multiple NSBA priorities we have been fighting for.
Thanks to our advocacy, the bill retroactively reinstates non-amortized research and development deductions under Section 174 for the 2022 and 2023 tax years and extends them through 2025. Additionally, it raises the limit on depreciable asset deductions by $290,000 under Section 179. NSBA has fought hard in Congress for these provisions.
Additionally, it will give small businesses the opportunity to increase jobs, safely participate in the Small Business Innovation Research program, and afford the investment needed to succeed.
Given NSBA’s work informing these provisions, we’re asking for your help getting these amended sections over the finish line. Please take a moment to complete our Action Alert to contact your Members of Congress directly to urge their support for passage of the tax bill.
Follow NSBA as we continue tracking this important legislation.