U.S. House Approves Bipartisan, Pro-Growth Tax Legislation
February 2, 2024
In a rare moment, the U.S. House of Representatives took bipartisan action on Wednesday, January 30th passing tax policy that makes changes to the Childcare tax credit and to three important business tax provisions that had expired or slated to expire.
In October of 2023, attendees of the ABI DC Trip conferred with NAM and lobbied the Iowa delegation on the importance of passing the business provisions which extend important 2017 tax provisions.
The provisions and their impact are:
- Research and Development (R&D) investment incentives, which will…
- Create over $70 billion in new R&D investment in the United States
- Support 2 million direct R&D jobs and over 21 million total jobs – particularly in U.S. manufacturing
- Interest Deductibility, which will…
- Create 867,000 new jobs
- Generate $58 billion in additional take-home pay for American workers
- 100% Immediate Expensing, which will…
- Increase investment by $400 billion
- Create 73,000 new jobs
A press release from the U.S. House Ways and Means Committee outlines the deal here.