Tax Relief for American Families and Workers Act of 2024

Floor Speech

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Mr. ESTES. Mr. Speaker, I thank Chairman Smith for his tireless work on this tax package that we are about to pass. American families and small businesses are in desperate need of economic relief. High costs of goods and services and burdensome regulations have strained pocketbooks and the economy, and Americans need a break.

The Tax Relief for American Families and Workers Act provides the win we need. This bill includes a provision that I have been advocating for--the immediate R&D expensing. Without this, we have seen the growth rate of R&D spending slow, and since three-quarters of R&D spending is on wages and salaries, R&D amortization is primarily a jobs issue.

Countless Kansas small businesses expressed their grave concern about this expired provision. I am glad we are taking a positive step to restore immediate R&D expenses.

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