On January 31, 2024, the House passed the Tax Relief for American Families and Workers Act of 2024. The bill provides for increases in the child tax credit, delays the requirement to deduct research and experimentation expenditures over a five-year period, extends 100-percent bonus depreciation through 2025, and increased the Code Sec. 179 deduction limitation, among other business-friendly provisions. Click here to read the entire tax briefing.
If you have any questions regarding this new bill, please contact us at 407-998-9000.