This week, CPA signed onto a National Association of Manufacturers (NAM)-led letter supporting three tax policies favorable to manufacturers in a tax bill currently under development in Congress. If enacted into law, in the reconciliation bill authorized by H.Con.Res.14, the fiscal year 2025 budget would include the following provisions and would each be retroactive to January 1, 2025, and last five years.
- Immediate full deductibility of research and development expensing for domestic research
- 100% full expensing for capital equipment purchases
- Increase the ability to deduct interest by reverting to the earnings before interest, taxes, depreciation, and amortization (EBITDA) standard
Congress is planning to pass the tax reform legislation in the next few weeks and then deliver it to President Trump. See NAM Letter. More Info: Andy O’Hare