Tax Day has come and gone, but it was the U.S. Senate that gave itself another extension on the bipartisan Tax Relief for American Families and Workers Act of 2024 (H.R. 7024). The Chamber previously sent a letter to Indiana’s congressional delegation and continues to advocate for the bill’s passage with senators. The bill has been introduced but remains stalled after House passage.
Businesses need certainty to make decisions, plan, invest and grow. So, passage of the Tax Relief for American Families and Workers Act would not only boost domestic investment and innovation, but also aid job creation by restoring and extending various tax relief measures.
The Chamber’s focus is particularly directed towards three key provisions that are poised to significantly enhance the economic landscape of our state:
- The temporary restoration of full expensing for domestic research and development investments, which will spur innovation and technological advancement
- Retroactive restoration of 100% bonus depreciation that will allow businesses to immediately deduct a larger portion of the purchase price of eligible assets and is a powerful incentive for capital investment
- A less restrictive limitation on business interest expense
All will be instrumental in fostering a more robust and innovative business environment in Indiana.
