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| U.S. Chamber Action |
| Stand Up for Free Enterprise |
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| SPTOLIGHT |
| Tax Relief for American Businesses and Workers Hinges on Senate Action |
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Tax Day is quickly approaching, but that has not stopped the U.S. Chamber of Commerce from pressing Congress to deliver relief for America's businesses and workers.
What’s happening: In January, the U.S. Chamber championed the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024), which passed the U.S. House of Representatives with overwhelming support from both parties (357-70).
Yes, but: Despite this overwhelming support, the U.S. Senate still has not acted.
Why it matters: Businesses need certainty to make decisions, plan, invest, and grow. The swift passage of this law would not only boost domestic investment and innovation, but also aid job creation by restoring and extending tax relief measures that would:
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- Incentivize innovation by allowing American businesses to deduct their domestic R&D expenses;
- Enhance cash flow for businesses through use of the EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) standard for deducting business interest expenses; and
- Encourage investment in new equipment and property by allowing businesses to immediately deduct the full cost of certain assets.
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The latest: Despite strong bipartisan support in the House, the bill is stuck in the Senate, where some key lawmakers are still deciding what to do. Senate Majority Leader Chuck Schumer put the bill on the Senate's calendar before Congress left town for the April recess period, but it's unclear if he'll bring it up for a vote when the Senate returns on April 8.
Chamber in action: The Chamber is calling on the Senate to support the House-passed bill or reach a consensus to ensure a prompt vote when Congress returns next week. We are also making sure that Senators hear directly from local businesses and chambers of commerce in their home states about the direct impact if they fail to act.
What small businesses are saying: Natalie Kaddas, who operates a family-owned manufacturing business in Utah, experienced this impact firsthand with a 35% tax increase due to the elimination of R&D expensing. |
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| "Congress needs to do its job and restore businesses’ ability to immediately deduct their R&D investments and send the right message to free enterprise in America — that our country wants, needs and prioritizes domestic innovation to keep our economic edge" |
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| Natalie Kaddas |
| CEO, Kaddas Enterprises (source) |
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Bottom line: Senators cannot allow perfect to be the enemy of the good and must act when Congress returns to pass the Tax Relief for American Families and Workers Act of 2024.
Dig deeper:
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| FREE ENTERPRISE WORKS |
| Free Enterprise Strengthens America |
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We will stand shoulder to shoulder with our U.S. Chamber partners in defense of the system that makes America strong, and we hope all of you will join us." – Ashli Watts, president and CEO, Kentucky Chamber of Commerce
American free enterprise is under threat from those who think it needs to be replaced. If they succeed, they will limit your potential, stifle growth, and undermine our future. |
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