Regulations and Government
Lawmakers Move To Bring Back 100 Percent Bonus Depreciation
The bipartisan tax agreement also would restore R&D expensing
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A bipartisan tax package lawmakers introduced by the leadership of House and Senate tax committees yesterday would extend key measures surrounding bonus depreciation and research and development expensing. House Ways and Means Committee Chairman Jason Smith (R-Missouri) and Senate Finance Committee Chairman Ron Wyden (D-Oregon) unveiled the agreement, characterizing it as a common sense, bipartisan, bicameral tax framework.

The path forward for the Tax Relief for American Families and Workers Act of 2024 was unclear, but backers of the package were anxious to move on it given the 2023 tax season begins later in the month. While the package covers the child and low-income housing tax credits, it also includes a range of business-oriented measures.

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