House Passes Critical Tax Bill
On January 31, 2024, the House of Representatives has passed a critical bipartisan tax bill restoring critical tax provisions used by NADCA members such as modifications to Section 174 R&D expenditures, Bonus Depreciation, the Section 163(j) deduction, and Section 179. Addressing these tax issues will restore a significant amount of capital to the bottom lines of small and medium-sized manufacturers, allowing them to invest in and grow their businesses.
The Tax Relief for American Families and Workers Act of 2024, which the House passed by a vote of 357-70 delays until 2026 the R&D amortization provision and reinstates full expensing, restores full expensing for capital investments, reinstates the EBITDA standard for interest deductibility, and raises the maximum Section 179 expending deduction to $2.5 million.
Thanks to the work of NADCA and our coalition partners this vital bill heads to the Senate and is one step closer to becoming law. However, there is still work to be done. Make your voice heard by joining NADCA’s coalition partners in telling the Senate that they must act now to immediately pass this tax bill which is critical to the die-casting industry. Click here to contact your Senators today