Yesterday, Representative John Curtis (R-UT) voted in favor of the bipartisan Tax Relief for American Families and Workers Act. Following the vote, Curtis issued a statement and made additional comments in the video below:
“I was proud to support the Tax Cuts and Jobs Act as one of my first votes in Congress, which helped Utah’s families keep more of their hard-earned money and allow businesses to invest in their communities,” said Rep. Curtis. “The provisions in this bill build on that success and I am pleased to support its passage.”
The bipartisan tax agreement contains the following important provisions:
- Research & Development (R&D) expensing so businesses of all sizes can immediately deduct the cost of their U.S. R&D investments instead of over 5 years – supporting innovation and growth here at home.
- Interest deductibility to help small- and medium-sized businesses meet payroll and grow – particularly at a time of high interest rates.
- 100% expensing for business investment in U.S. facilities, equipment, and machines.
- End double taxation on businesses and workers operating in both the U.S. and Taiwan – strengthening America’s competitive position versus China.
- Increase small business expensing to $1.29 million – a $290,000 increase above the level enacted in GOP tax reform in 2017.
- Cut red tape for small businesses by adjusting the reporting threshold for subcontract labor from $600 to $1,000 – the first update since the 1950s.
- Increase access to housing with bipartisan provisions to increase state tax credit allocations and provide more flexibility on bond financing requirements.
- Save taxpayer dollars by accelerating the deadline for filing backdated claims under the employee retention credit – a program hit by major cost overruns and rampant fraud.
- Support middle-class families struggling with high prices by adding an inflation adjustment to the $2,000 child tax credit topline amount starting in 2024.
- Eliminate penalty for large families to ensure child tax credit work incentives apply equally to families with multiple children.
To learn more about the bill, click here.
