THE CHALLENGE: ENGINEERING INNOVATION IS AT RISK DUE TO FEDERAL TAX POLICY
Significant portions of the 2017 Tax Cuts and Jobs Act will expire at the end of 2025 without congressional action. Engineering firms also need Congress to reverse a crippling tax on innovation and restore the deductibility of R&D.
THE SOLUTION: UPDATE THE TAX CODE TO PRIORITIZE INNOVATION AND GROWTH
Make TCJA permanent to protect balanced tax treatment of all business structures and advance policies that support innovation, employee ownership, and workforce development.
Learn How the TCJA Grew Engineering
The findings are clear: the Tax Cuts and Jobs Act has been a powerful catalyst for industry growth, job creation, and investment in innovation. Congress must act swiftly to ensure these effects are sustained by extending these pro-growth policies with a new, future-focused tax law.
The risk of inaction: If the provisions of the Tax Cuts and Jobs Act aren't extended, America's engineering firms will hire fewer people, reduce their intake of new business and has the potential to risk America's vital infrastructure.
Broad Economic Ripple Effects
The economic benefits of extending TCJA go far beyond the engineering industry through its supply chain and income impacts. If extended, TCJA would ultimately generate $1.4 trillion in revenue for the U.S. economy in 2026, supporting 7 million jobs and $454 billion in wages.