Advocacy Alert: Calling on Congress to Pass the Tax Deal
January was certainly all about one thing: TAX! GBA is at the forefront in advocating for a pro-growth tax deal that restores three essential provisions to the Internal Revenue Code: research and development expensing, interest deductibility, and bonus depreciation.
GBA fully supports the bipartisan Tax Relief for American Families and Workers Act and was encouraged to see it overwhelmingly pass House of Representatives. However, the bill is not over the finish line quite yet, and GBA is here fighting to get the job done.
Understanding tax provisions can be like navigating a complex maze, especially for international companies in the United States aiming to innovate, invest in their U.S. employees and businesses, and keep America competitive. Let’s take a look at the three major business provisions included in the Tax Relief for American Families and Workers Act:
To assist you with discussions you may have with colleagues, stakeholders and Members of Congress, please utilize GBA’s factsheet on the Tax Relief for American Families and Workers Act.
For a more in-depth look at the three business tax provisions, be sure to check out GBA’s tax one-pager.
Since the Tax Relief for American Families and Workers Act was first announced and passed out of the House of Representatives, GBA has issued supportive statements that urge Congress to quickly pass the bill:
In January, GBA and over 260 other associations representing hundreds of thousands of businesses sent a letter to Senate and House leadership in strong support of the Tax Relief for American Workers and Families Act and urged Congress to pass the bill quickly.
Make sure your voice is heard! While the House has passed the Tax Relief for American Families and Workers Act, it is unclear when the Senate will take action. GBA will continue to speak with Members of Congress and urge them to support the tax bill and call for Congress to pass it quickly.
Get involved with our efforts! Please reach out to Aaron Taylor to learn more about our tax advocacy and how you can participate in helping Congress get this bill sent to President Biden’s desk.