Regulations and Government
AIA Calls for Passage of Tax Act with R&D Expensing Fix
A 2022 tax change altered the way businesses deduct R&D expenses
Capitol dome (Photo: Library of Congress)
© Library of Congress

Aerospace Industries Association (AIA) president and CEO Eric Fanning appealed to Senate leaders to act on the Tax Relief for American Families and Workers Act (H.R.7024), which would restore full research and development (R&D) expensing, as well as 100 percent bonus depreciation for business assets such as aircraft.

A compromise agreement between Senate Finance Committee Chair Ron Wyden (D-Oregon) and House Ways and Means Chair Jason Smith (R-Missouri), the bill passed the House in late January but has since stalled in the Senate. Wyden said during a hearing on Tuesday that he and Smith are “gonna pull out all the stops” to push forward on the bill.

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