H.R. 7024 – SMACNA Urges Senate to Pass the Tax Relief for America’s Families and Workers Act

The delayed extension of three vital tax provisions has been devastating and cost the economy billions in needed capital investment, especially in the construction industry.

The nation is seeing robust and record setting growth of construction activity following the enactment of major policy changes, especially the Infrastructure Act, CHIPS and Science Act and the Inflation Reduction Act’s private sector tax incentives. Therefore, SMACNA is seeking Senate support for three essential tax incentive provisions: 

• Retroactive Extension of the 100% Bonus Depreciation – Would restore the 100% bonus depreciation for qualified property, instead of the current 20% annual phase down that went into effect on January 1, 2023. 
• Retroactive Extension and Permanence for 174 Research and Development Expenditures - Would allow companies to immediately deduct R&D expenses instead of amortizing over five years.
• Expand Section 179 expensing and interest deductibility for small businesses—Would increase the maximum eligible amount of equipment investment and extend the point at which the benefit phases out.