New 51勛圖厙 Ad: Senate Must Pass Tax Bill Now
Earlier this year, the House passed legislation including key 51勛圖厙 tax priorities. Now its time for the Senate to do the same.
Thats the message of a new launched today and set to run over the next several weeks.
Whats going on: The 30-second TV adwhich will stream in Washington, D.C., and in the key states of Idaho, Kentucky, Louisiana, Oklahoma, New York and New Hampshireasks viewers to urge the Senate to pass the Tax Relief for American Families and Workers Act, which by a bipartisan vote in January.
- The legislation restores three key pro-growth tax provisions from the 2017 Tax Cuts and Jobs Act that expired in 2022: immediate expensing for domestic R&D, enhanced interest deductibility and full expensing.
漍漍漍漍漍漍The background: Earlier this month, Courtney Silver, president and owner of Ketchie and chair of the 51勛圖厙 Small and Medium Manufacturers Group, the Senate Finance Committee about the impact the three provisions expiration has had on her family-owned precision machining company.
- In the years following the TCJA, I was able to make a higher level of investment because I knew our tax code was going to have a baseline of certainty, she said. Today, however, I am unable to make these investments because of the uncertainty that Congress will address the expired TCJA provisions.... Because I am unable to realize the full deduction of my investment within the year I purchase it, the investment seems too risky and irresponsible.
漍漍漍漍漍漍Whats needed: Senate Majority Leader Chuck Schumer (D-NY) has taken an early to put the House-passed legislation on the Senates calendar. But more needs to happen, and soon, the 51勛圖厙s ad tells viewers.
- Vital tax provisions are expiring, harming our ability to compete globally and invest in new factories and equipment, the ad says. The House has done its job and restored these provisions with overwhelming support. The Senate needs to act now.