Urge Your Senator to Support H.R. 7024, the Tax Relief for America’s Families and Workers Act

Good afternoon,

On January 31, 2024, the House passed H.R. 7024, the Tax Relief for American Families and Workers Act, with 357 members supporting it. After much advocacy work, the Senate is considering this legislation this week. We need YOU to act now!

This bill would extend and reform crucial elements of the tax code, such as the R&D deduction, bonus depreciation, and equipment expensing. These tax code elements have driven significant public and private sector investments in the construction industry over the past few years. These investments can accelerate America’s energy production, manufacturing capacity, and new construction for decades to come. The reauthorization and extension of 100% bonus depreciation and R&D equipment expensing will allow NECA contractors to capitalize on these investments by ensuring tax stability for their businesses.

H.R. 7024 includes three key tax incentive provisions crucial for NECA contractors:

• Retroactive Extension of the 100% Bonus Depreciation: This would restore the 100% bonus depreciation for qualified property, replacing the current 20% annual phase-down that took effect on January 1, 2023. 

• Retroactive Extension and Permanence for 174 Research and Development Expenditures: This provision would allow companies to immediately deduct R&D expenses instead of amortizing them over five years.

• Expand Section 179 expensing and interest deductibility for small businesses: This would increase the maximum eligible investment amount and extend the point at which the benefit phases out.

These provisions are set to expire next year, with bonus depreciation already phasing out. We must make our voices heard so this legislation can pass the Senate and ensure tax certainty for your businesses before time runs out. Be sure to take action and visit NECA’s legislative action center to submit your pre-written letter to your Senators.