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Urge Senators to Pass the Tax Relief for American Families and Workers Act
We are urging you to contact your U.S. Senators to encourage them to support the Tax Relief for American Families and Workers Act (H.R. 7024). The House of Representatives overwhelmingly passed the bipartisan tax package 357 to 70. The bill restores immediate deductions for business research and development (R&D) costs. 

R&D expensing is essential to the strength of the U.S. food, agriculture, and manufacturing industries, especially for small- to mid-sized companies. For decades, businesses have been allowed to fully deduct their R&D expenses in the same year that they are incurred because the tax code appreciated the importance of research and development. 

Under a provision of the Tax Cuts and Jobs Act that went into effect for the 2022 tax year, businesses must deduct these expenses over a period of five years. This means businesses pay more in taxes before they even find out if their research and development efforts have been successful.

It is critical the Senate pass this legislation immediately.  If the Senate fails to act, businesses may be forced to pay thousands or even millions of dollars in additional taxes. The next several weeks will determine the financial health of agriculture, food and beverage, small businesses, and manufacturing companies for years to come. 

Please contact your Senators and express your support for the reinstatement of R&D expensing and ask them to support H.R. 7024. 

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