Much-needed tax relief for small-business.
FOR IMMEDIATE RELEASE
Feb. 1, 2024
CONTACT | Molly Day
NSBA Applauds House for Bipartisan Passage of Tax Relief Bill
Washington, D.C. – NSBA applauds the House for passing on a broadly bipartisan manner (357-70) 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.
“I applaud every Member of Congress who voted for this bill—it is a major win for America’s small businesses,” stated NSBA President and CEO Todd McCracken. “I urge the Senate to follow this example of strong, bipartisan leadership and move quickly on passing this bill.”
Among the major wins in this bill, several of which NSBA has been instrumental in highlighting and prioritizing: a retroactive reinstatement of non-amortized research and development deductions under Section 174 for the 2022 and 2023 tax years, extended through 2025; and an increased limit on depreciable asset deductions by $290,000 under Section 179.
“NSBA has fought hard in Congress for these provisions, and this bipartisan bill 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,” stated McCracken.
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.