And the “Tax Relief Act….” heads to the Senate. What’s in it for Manufacturers?

  • Manufacturing
  • 2/1/2024

Hot items in manufacturing (R&D, business interest expense, accelerated depreciation...) are in, so far.

The bill entitled “The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) (AFWA) passed the house on January 31st and now heads to the Senate. What we know so far:

  • The pay-for is the early termination of Employee Retention Credit (ERC) claims.
  • While the first round tilted bipartisan, our contacts in Washington expect amplified debate as the bill makes its way through the Senate.
  • Due to a lively agenda in the senate and an upcoming recess, it’s unclear when we might see a vote.

Find out which hot items for manufacturers have survived so far (hint: R&D, business interest expense, accelerated depreciation, and more…) in this deeper dive by CLA’s tax professionals:

Details of $79 Billion Proposed Legislation and Potential Taxpayer Impact : 24 : Articles : Resources : CLA (CliftonLarsonAllen) (claconnect.com)

This blog contains general information and does not constitute the rendering of legal, accounting, investment, tax, or other professional services. Consult with your advisors regarding the applicability of this content to your specific circumstances.

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