A bipartisan deal was reached to extend pro-growth tax provisions. House Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Chairman Ron Wyden (D-OR) agreed to restore the deduction for domestic R&D expenses, 100% bonus depreciation, and the EBITDA standard for deducting business interest expenses.
Why it matters: These extensions will boost capital investment and innovation.
What they’re saying: “With tax filing season about to begin, there is absolutely no time for delay in enacting this package. Failing to act will only compound the harm of recent automatic tax increases on companies that are investing in research and development and buying new equipment, the very activities we need them doing to help grow our economy and lift wages,” said U.S. Chamber Executive Vice President Neil Bradley.