Common sense, functioning tax laws are vital for small business.
FOR IMMEDIATE RELEASE
Jan. 19, 2024
Contact |Molly Day
Washington, D.C. – NSBA applauds the House Ways and Means Committee for the bipartisan passage of the Tax Relief for American Families and Workers Act. This major piece of tax legislation includes several key priorities which NSBA has fought for, including allowing Section 174 expenses to be retroactively deductible beginning with tax year 2022 rather than amortized over a five-year span.
Below is a statement from NSBA President and CEO Todd McCracken.
“NSBA has consistently warned that forcing innovative, small companies to amortize R&D expenses over five years is a massive burden, and I want to thank every member of the Ways and Means Committee who voted to fix the issue.
“This bill has several important pieces for America’s small businesses: an increase in Section 179 deductions, increased bonus depreciation back up to 100 percent, and a higher threshold for 1099 submission from its current $600 level to $1,000.
“I hope the rest of Congress follows this example of strong, bipartisan leadership and moves quickly on this bill—America’s small businesses are counting on them.”
Celebrating more than 85 years in operation, NSBA is a member-driven nonpartisan organization advocating on behalf of America’s entrepreneurs. NSBA's 65,000 members represent every state and every industry in the U.S., and we are proud to be the nation’s first small-business advocacy organization. Please visit www.nsba.biz and follow us at @NSBAAdvocate.
UPDATE | On Jan. 23, the House released the official text of the bipartisan tax package which cleared the Ways and Means Committee by a whopping 40-3 margin last Friday. This procedural step means that House leadership is advancing the bill quickly, and as a result, early next week we expect consideration of the bill on the House floor. The bill will almost certainly be considered under what’s called a “suspension of the rules” meaning that instead of the usual 218-vote simple majority, the tax deal will need to garner at least a 2/3 majority to pass the House. NSBA strongly supports the package, as it contains critical small business provisions, chief among which is the Section 174 R&D amortization fix. NSBA President & CEO Todd McCracken’s statement commending the Ways and Means Committee’s passage of the bill can be found here.