NDIA commends the U.S. House of Representatives for passing H.R. 7024, Tax Relief for American Families and Workers Act of 2024
ARLINGTON, VA – NDIA commends the U.S. House of Representatives for passing H.R. 7024, Tax Relief for American Families and Workers Act of 2024, on a strong, bipartisan vote. The legislation promotes U.S. innovation by allowing companies to immediately deduct the cost of their U.S.-based R&D investments rather than to deduct those costs over a five-year period through 2025. Congressional members deserve enormous credit for addressing a significant issue negatively impacting companies of all sizes and across all sectors of the U.S. defense industrial base. NDIA specifically notes the relief this will provide to small businesses,* who represent 77% of the research and development companies that conduct business with the U.S. Department of Defense, because amortizing in this year’s tax filing substantially reduced the cash flow many small businesses had available to maintain a highly qualified and specialized workforce and to accelerate their research and development investments. NDIA strongly encourages the Senate to pass H.R. 7024 this week to ensure the Internal Revenue Service has time to account for these changes in this year’s tax filing season.