WASHINGTON, D.C. – Consumer Healthcare Products Association (CHPA) President and CEO Scott Melville released the below statement today following the U.S. House of Representatives passing H.R. 7024, the Tax Relief for American Families and Workers Act a bipartisan, bicameral tax package that will expand the child tax credit and increase depreciation allowances to promote economic innovation and growth.
“This legislation will significantly contribute to the well-being of American consumers through measures that will bolster the financial stability of working families, empower businesses to innovate, and reinforce America’s competitiveness on the global stage,” said Melville. “CHPA applauds the House for prioritizing this legislation and encourages the Senate to also act swiftly and send this package to the President’s desk for signature.”
CHPA urged Congress to consider H.R. 7024 earlier this month, joining more than 200 other associations in a letter to House and Senate leadership, which prompted the House Ways and Means Committee to move the package last week with a bipartisan vote of 40-3.
Background:
H.R. 7024 will expand innovation opportunities and strengthen America’s global competitiveness through the following pro-growth economic policies:
- Research & Development (R&D) expensing: will enable businesses of all sizes to begin immediately deducting the cost of their U.S.-based R&D investments as opposed to over five years, further encouraging innovation and improving America’s global competitiveness.
- Interest deductibility: continued flexibility for businesses forced to borrow at higher interest rates to fulfill payroll obligations and enhance operations.
- 100% expensing: restore full and immediate expensing for investments in machines, equipment, and vehicles.
- Expand small business expensing cap: increase the amount of investment that a small business can immediately write off to $1.29 million, an increase above the $1 million cap enacted in 2017.
