Recently, the House voted on an overwhelmingly bipartisan basis to pass the Tax Relief for American Families and Workers Act of 2024. Negotiated by Senator Ron Wyden (D-Ore.) and Rep. Jason Smith (R-Mo.), the massive, multibillion-dollar bill includes numerous NSBA priorities we’ve been fighting for and is expected to move quickly to the Senate for consideration. This is a critical stage, as without Senate passage, this pro-small business legislation cannot become law. 

Thanks to our advocacy, the bill retroactively reinstates non-amortized research and development deductions under Section 174 for the 2022 and 2023 tax years and extends them through 2025. It also raises the limit on depreciable asset deductions by $290,000 under Section 179. NSBA has fought hard in Congress for these provisions.

Additionally, it 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. 

Unfortunately, some Senators have expressed a desire to slow down, or potentially stop this critical legislation. NSBA has been hard at work to keep this bill moving, but we need your help getting it over the finish line!