alliantgroup Applauds Moves by Members of Congress on American Families and Jobs Act to Support American Businesses
On Friday, Chair of the House Ways and Means Committee, Jason Smith, introduced the American Families and Jobs Act, which includes a reversal of the amortization of Section 174.
HOUSTON, June 13, 2023 /PRNewswire-PRWeb/ -- On Friday, Chair of the House Ways and Means Committee, Jason Smith, introduced the American Families and Jobs Act, which includes a reversal of the amortization of Section 174. As of this year, business expenses for R&D activities are no longer immediately deductible, causing many innovative businesses to shoulder crippling and often fatal tax burdens. Reversing amortization would essentially save thousands of businesses, millions of jobs, and put the country back on path to being a leader on innovation.
"It's gratifying that Chairman Smith recognizes the dire situation that small businesses in America face as a result of this ill-conceived change in the tax law. The provision - intended to be a stop gap, temporary solution by congressional negotiators six years ago - has become a financial dagger aimed at the heart of innovative small businesses in America. If there was ever an innovation killer for the small business job creation engine in America, this is it. With this important first step, Chairman Smith has kicked off the urgent process to eliminate this toxic provision and unleash small and mid-sized businesses to create, innovate and grow again," said alliantgroup Senior Vice President Rick Lazio.
As the dust starts to settle in Congress after the raising of the debt ceiling, there are still question marks on what Capitol Hill can actually get passed. The one thing both House and Democrats and Republicans have found common ground on has been reversing amortization of 174. In March, Senate Bill S.866 was introduced with 31 bipartisan cosponsors, solely to fix 174.
"We are grateful to the numerous businesses we work with who were willing to share their stories so that we could illustrate to key members of the Senate the unintended devastating impact amortization has had. We are committed to continuing to work with our policymakers to support the needs of American businesses. Small and medium sized businesses form the backbone of the American economy, and it is critical we provide them incentives so they can innovate and create more jobs," said Dhaval Jadav, alliantgroup CEO.
alliantgroup is the nation's premier consulting and management engineering firm with a mission to strengthen America's small and medium-sized businesses through reinvestment in innovation and job growth. We educate businesses, the industry groups that serve them and the accounting firms that advise them on federal and state credits and incentives that are legislated by our government to keep the U.S. competitive in the global landscape. alliantgroup is headquartered in Houston, Texas with additional offices located in Austin, Boston, Chicago, Indianapolis, New York, Irvine, Sacramento, Washington, D.C.; Hyderabad, India; and Bristol and London in the U.K. For more information, visit alliantgroup and engage with us on LinkedIn, Facebook, Twitter, and YouTube.
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Amber Allman, alliantgroup, 713-513-8196, [email protected]
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