WASHINGTON, D.C. - Neil Bradley, Executive Vice President and Chief Policy Officer at the U.S. Chamber of Commerce, today released the below statement upon the U.S. House of Representatives passing the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024), which includes critical pro-growth tax provisions for businesses.
“Businesses need certainty to make decisions. Restoring and extending the deduction for domestic research and development (R&D) expenses; 100% bonus depreciation; and the earnings before interest, taxes, depreciation, and amortization (EBITDA) standard for deducting business interest expenses will give businesses the ability to plan, invest, and grow.
“As tax filing season kicks off, we are glad to see the House come together in a bipartisan way to pass this legislation to support and bring much needed tax certainty to U.S. businesses. Now, the Senate must move swiftly to consider this legislation and send it to the President’s desk to be signed into law.”
Earlier this week, the Chamber sent a key vote letter indicating the Chamber will include votes on this legislation in our “How They Voted” Congressional scorecard.