WASHINGTON, D.C. — Neil Bradley, Executive Vice President and Chief Policy Officer at the U.S. Chamber of Commerce, issued the following statement regarding today’s announcement that a bipartisan agreement has been reached to extend critical tax provisions.
“The Chamber applauds House Ways and Means Chairman Jason Smith and Senate Finance Chairman Ron Wyden for reaching a bipartisan agreement on extending critical pro-growth tax policies by restoring the deduction for R&D expenses, 100% bonus depreciation, and the EBITDA standard for deducting business interest expenses.
“With tax filing season about to begin, there is absolutely no time for delay in enacting this package. Failing to act will only compound the harm of recent automatic tax increases on companies that are investing in research and development and buying new equipment, the very activities we need them doing to help grow our economy and lift wages. These tax increases will continue to be especially difficult for small businesses who will struggle with a tax increase that virtually no one believes should be imposed on them.
“The Chamber also strongly supports the inclusion of legislation to provide relief from double taxation in U.S. trade and investment relations with Taiwan, our 10th largest trading partner.”