Washington, DC — Today, American Council of Engineering Companies (ACEC) President and CEO Linda Bauer Darr released the following statement urging the U.S. House of Representatives to pass HR 7024 to fix the crippling R&D tax amortization issue:
“ACEC strongly supports passage of HR 7024, the Tax Relief for American Families and Workers Act of 2024, legislation that will provide small engineering companies with relief from crippling tax increases and restore incentives to promote cutting-edge R&D.
“HR 7024 provides a vital pause on the amortization mandate and 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 fix will allow engineering firms to put resources back into innovation, creating new jobs, and boosting economic growth while driving American leadership in critical sectors like infrastructure and energy.
“We urge the House to come together on this crucial legislation and send a clear message: America is once again serious about innovation and investing in its future.”