U.S. House Advances Bipartisan Tax Bill

As previously reported, the OMA is supporting federal legislation called the Tax Relief for American Families and Workers Act. It would allow for the immediate expensing of domestic R&D expenses; enhanced interest deductibility; and 100% accelerated depreciation.

This week, the U.S. House voted to advance the bipartisan tax package on a vote of 357-70. The bill now goes to the Senate for consideration. Read this update from OMA Connections Partner Plante Moran.

This legislation will be discussed at the OMA’s Feb. 21 Tax Committee meeting. Register here. 2/1/2024