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Urge Senators to Pass the Tax Relief for American Families and Workers Act
We wanted to bring to your attention crucial tax legislation under consideration in the Senate and encourage you to contact your U.S. Senators and ask 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. Your Senators need to hear directly from you about how this legislation will affect your financial situation and priorities. Specifically, the legislation does the following:

  • Extends Bonus Depreciation: Under current law, the bonus depreciation amount is 80% for assets placed in service in 2023. The proposal extends 100% bonus depreciation from January 1, 2023 through December 31, 2025, with 20% bonus depreciation for property acquired and placed in service in 2026.
  • Increases Section 179 Deduction: For several years, the 179 deduction was limited to $1M, with the phase-out starting when taxpayers placed more than $2.5M in assets in service. The proposal increases the maximum expensing to $1.29 million, with phase-out beginning at $3.22 million assets placed in service, adjusted for inflation in years beginning after 2024.
  • Restores Deduction for Section 174 Research Expenditures:  The bill restores immediate deductions for business research and development (R&D) costs. The proposal would allow, retroactive to 2022, Section 174 domestic expenditures to be currently deductible. Section 174 expenditures will be required to be capitalized after December 31, 2025. For taxpayers who capitalized Section 174 expenditures for their 2022 tax year, these expenses will be recovered over two years – with 50% of the remaining amortizable cost deductible in 2023 and the remainder in 2024.  If the Senate fails to act, businesses may be forced to pay thousands or even millions of dollars in additional taxes. 
  • Rolls back Business Interest Expense Limitation Changes: For tax years beginning after December 31, 2023 and before January 1, 2026, adjusted taxable income returns to EBITDA (rather than EBIT). If the taxpayer elects, the taxpayer can use EBITDA for tax years 2022 and 2023 as well. The proposal requires the IRS to issue procedures for claiming the retroactive benefit.
  • Expands the Child Tax Credit: The proposal increases refundability of the child tax credit in two ways: first, the maximum refund increases to $1,800 for 2023, and second, the refundability is calculated per child.

It is critical the Senate pass this legislation immediately. Your engagement in this advocacy effort is greatly appreciated. Please contact your Senators and express your support for H.R. 7024.

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