Ed Orlet, NAED’s SVP of Government Affairs & Strategic Projects and Intermin CEO, shares the latest news from our Nation’s Capital:
House Ways and Means Committee Passes Tax Package Aimed at Growing Economy
The House Ways and Means Republicans have put together a package of tax bills aimed at enacting pro-growth tax policies, including expanding Section 179 expensing to $2.5 million, restoring the Research and Development Tax Credit that has lapsed, and requires businesses to amortize R&D expenses over five years, and extends interest deductibility.
House Passes Several Healthcare Bills to Help Small Businesses
The House of Representatives has passed the CHOICE Arrangement Act, which would take the Association Healthcare Plan rules created by the Trump Administration and put them into law.
The House also passed the Employer Reporting Improvement Act which would make it easier for employers to comply with or respond to penalties imposed under the Affordable Care Act.
Pass-through Business Tax Deduction Permanency Introduced in Senate, Soon in House
Section 199A, the pass-through business tax deduction, a 20% deduction on income from a pass-through business entity, is one of several tax provisions set to expire in 2025. Without Section 199A, pass-through businesses would be severely disadvantaged compared to C-corporations, which pay a 21% tax rate.
For a more concise breakdown, read this article.Tagged with NAED, Washington Wire