Moments ago, the House of Representatives passed H.R. 7024, the Tax Relief for American Families and Workers Act of 2024, legislation that will provide engineering companies with relief from crippling tax increases and restore incentives to promote cutting-edge R&D.
Why it matters: The R&D amortization issue has been a priority for ACEC’s advocacy efforts due to its significant negative impact on America’s engineering industry.
- With passage of H.R. 7024, the House voted to pause the five-year amortization mandate until 2026.
- This restores the tax code’s traditional approach to incentivize R&D by allowing engineering firms and other innovators to fully deduct R&D investments the year they are incurred.
The bottom line: The House voted overwhelmingly to pass H.R. 7024 by a vote of 357 to 70. This sends a strong signal to the Senate to follow the House and approve its version of the bill.
What’s next: H.R. 7024 now moves to the Senate. ACEC continues to urge its members to reach out to their Senators to support a yes vote to send the bill to the president’s desk.