While the U.S. House of Representatives passed the ABC-supported Tax Relief for American Families and Workers Act last week, the bill still has an uncertain pathway in the U.S. Senate, where Republicans have taken a harder line against the proposal, calling for an amendment process. Sen. John Thune, R-S.D., said the expanded Child Tax Credit in the deal is the biggest issue for the GOP.
Key to ABC members and the construction industry are the bill’s provisions to expand innovation and competitiveness with pro-growth economic policies that include:
- Research and development expensing so businesses of all sizes can immediately deduct the cost of their U.S. R&D investments instead of over five years, supporting innovation and growth here at home.
- 100% expensing for business investment in U.S. facilities, equipment and machines.
- Increase in the maximum amount a taxpayer may expense from $1 million to $1.29 million for property placed in service starting in 2024.
View more information on the bill and committee markup here. ABC will continue to provide updates on the bill’s progress.
