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NDIA commends the U.S. House of Representatives for passing H.R. 7024, Tax Relief for American Families and Workers Act of 2024

1/31/2024
US Capitol Building NDIA applauds Passage of HR 7024

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.

NDIA / NSBA Letter to U.S. House of Representatives


About NDIA

The National Defense Industrial Association (NDIA) is America's leading defense industry association promoting national security. NDIA provides a legal and ethical forum for the exchange of information between industry and government on national security issues. NDIA and its members foster the development of the most innovative and superior equipment, training, and support for warfighters and first responders through its divisions, local chapters, affiliated associations, and events. For more information, visit NDIA.org
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