With the April 15 tax deadline a week away, the U.S. Chamber of Commerce is using the timing to push Congress to deliver tax relief for businesses.
In January, the U.S. House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 with a 357-70 vote. Despite that strong bipartisan support, the Senate has yet to act on the bill, which includes several provisions designed to reduce the tax burden on businesses. Those provisions include:
- Restoring immediate research and development expensing for domestic research
- Reinstating full expensing for businesses’ capital investments
- Interest deductibility for businesses forced to borrow at high interest rates
- Expanding the amount of investment a small business can immediately write off from $1 million to $1.29 million.
Senate Majority Leader Chuck Schumer (D-NY) placed the bill on the Senate’s calendar before Congress’ April recess, but, as the U.S. Chamber notes, it is unclear if he’ll bring it to a vote after the Senate returns on April 8.
“Businesses need certainty to make decisions, plan, invest and grow,” the U.S. Chamber said. “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.” The Chamber called on the Senate to support the House-passed bill or to reach a consensus to ensure a vote once Congress is back in session. “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.”