240130 KV H R 7024 House
January 30, 2024
To the Members of the U.S. House of Representatives:
The U.S. Chamber of Commerce strongly supports H.R. 7024, the “Tax Relief for American Families and Workers Act of 2024,” a bipartisan, bicameral bill to increase economic growth and bolster the competitiveness of American businesses of all sizes. The Chamber will include votes on this legislation in our How They Voted Congressional scorecard.
The Tax Relief for American Families and Workers Act of 2024 would restore and extend three essential, pro-growth business tax policies: 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. It would also provide critical relief from double taxation in U.S. trade and investment relations with Taiwan, America’s 10th largest trading partner.
Swift enactment of this legislation would not only reinvigorate domestic capital investment and innovation but also strengthen and expand the American workforce.
The Chamber strongly urges all members to vote in favor of H.R. 7024.
Senior Vice President
U.S. Chamber of Commerce