Washington, DC — Today, American Council of Engineering Companies (ACEC) Board Chair Jay Wolverton released the following statement on including a fix for R&D tax amortization in H.R. 7024, The Tax Relief for American Families and Workers Act of 2024:
“The inclusion of a fix to the R&D tax amortization issue in The Tax Relief for American Families and Workers Act of 2024 is a lifeline for the heart of America’s engineering industry. The burden imposed by the current five-year amortization mandate on R&D expenses inflicts severe damage to engineering firms large and small, shackling their potential to hire and engage in new work. For many smaller firms, it jeopardizes their ability to stay in business.
“As the economy turns a corner, Congress should incentivize America’s engineering sector to invest in its workforce rather than funneling resources into the coffers of the IRS.
“The American Council of Engineering Companies strongly supports this addition to the tax package and commends Chairman Smith and Chairman Wyden for their leadership on this agreement, as well as Congressmen Estes and Larson and Senators Hassan and Young for their bipartisan efforts to fix the R&D issue.
“We urge Congress to act swiftly on H.R. 7024 to maintain America’s competitive edge and keep its engineering firms designing a better future for the nation.”