Posted by Jeffrey Feingold on 01.17.24

Tax Point Advisors applauds current efforts by Washington legislators to enact the Tax Relief for American Families and Workers Act of 2024. This new bipartisan bill includes business tax credits urgently needed to allow corporations to immediately deduct research and development costs, instead of over 5 years. Another critical provision permits 100% expensing of investments on equipment. The bill also increases the amount small businesses can write off. 

Democrat and Republican leaders from the House and Senate hope to see the bill enacted by the end of January. 

Tax Point Advisors will track the Bill's progress through Congress and will alert our CPA and business partners of further developments.