From left: Lisa Brothers, PE (Nitsch Engineering and ACEC National Director from Massachusetts), Abbie Goodman (ACEC/MA Exec Dir), Dawn Connelly (Sr VP, Green International Affiliates and ACEC/MA FY2025 President) met with US Senator Ed Markey (D-MA) on May 3, 2024 in Boston, MA.
On May 3, 2024, ACEC/MA Leaders met with US Senator Ed Markey (D-MA) to discuss the importance of bringing H.R. 7024 to the floor of the Senate for a vote as soon as possible.
The House has already passed this bill; it was a bi-partisan vote.
R&D amortization is a major problem for many Massachusetts engineering, land surveying and A/E firms of all sizes.
ACEC strongly supports passage of HR 7024, the Tax Relief for American Families and Workers Act of 2024, legislation that will provide small engineering companies with relief from crippling tax increases and restore incentives to promote cutting-edge R&D.
HR 7024 provides a vital pause on the amortization mandate and restores the tax code’s traditional approach to incentivize R&D by allowing engineering firms and other innovators to fully deduct R&D investments the year they are incurred. The fix will allow engineering firms to put resources back into innovation, creating new jobs, and boosting economic growth while driving American leadership in critical sectors like infrastructure and energy.
Background:
R&D Tax Credit: Starting in the 2022 tax year, firms can no longer immediately deduct their R&D costs but must amortize these costs over five years. Small businesses rely heavily on the R&D tax credit and are known for reinvesting that money back into their businesses and hiring more people.
This is ACEC's one pager on the issue: https://www.acec.org/wp-content/uploads/2023/05/Convention-RD-One-Pager.pdf
More information here: https://www.acec.org/news/last-word-blog/post/house-passes-tax-bill-with-rd-fix/
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