Immediate Action Required: Reach Out to Your Representatives Now!
A pivotal moment is upon us as Congress prepares for a crucial vote this evening. The focus is on the Tax Relief for American Families and Workers Act of 2024, a landmark bill receiving backing from the National Small Business Association (NSBA). This evening’s vote in the U.S. House of Representatives marks a critical juncture for this bipartisan and bicameral legislation, shepherded through negotiations by Senator Ron Wyden (D-Ore.) and Representative Jason Smith (R-Mo.). The bill, boasting a multibillion-dollar impact, represents a significant triumph for the NSBA, addressing several vital concerns.
In an effort to mobilize support, the NSBA has launched an Action Alert, and your participation is crucial. They’ve made it easy for you: a pre-written letter awaits your signature. Just a few clicks here and less than two minutes of your time can make a difference!
Key features of the bill include the retroactive reinstatement of non-amortized deductions for research and development, as outlined in Section 174, applicable to the tax years 2022 and 2023, with an extension through 2025. It also proposes an increase in the cap for depreciable asset deductions, boosting it by $290,000 under Section 179.
The NSBA has been tirelessly advocating for these changes in Congress. Now, they’re calling on you to lend your voice. Your support is vital!