Rep. Estes Leads Special Order Hour on R&D Expensing
Washington,
January 11, 2024
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Roman Rodriguez
(316-262-8992)
Today Rep. Ron Estes (R-Kansas) led a Special Order on the floor of the U.S. House of Representatives to highlight the urgent need to pass legislation restoring immediate expensing for research and development. Rep. Estes was joined by several other Ways and Means members and representatives from around the country, who all echoed the importance of passing this legislation.
"We know that where R&D occurs, jobs and economic opportunities follow," said Rep. Estes. "The time to address R&D amortization was by the end of 2021 – the next best time is now. We need to pass R&D immediate expensing for the American people and our U.S. economy." Reps. Estes and Rep. John Larson (D-CT) reintroduced H.R. 2673 – the American Innovation and R&D Competitiveness Act – on April 18, 2023. They were joined by Reps. Darin LaHood (R-Illinois), Suzan DelBene (D-Washington), Jodey Arrington (R-Texas), Jimmy Panetta (D-California) and 60 additional original cosponsors. Rep. Estes delivered remarks on the House floor in April and numerous organizations offered their support following the bill’s introduction. In June, Rep. Estes testified on the legislation in a Small Business Committee subcommittee, discussed the bill during a Ways and Means markup for the committee's Build It in America Act – an economic package that included a version of Rep. Estes' bill and was reported out of committee and penned an op-ed for The Hill highlighting the then more than 100 cosponsors and touting the benefits of the legislation.
Last month, Rep. Estes published an op-ed in Newsweek unpacking the positive outcomes – for individual taxpayers and across the economy – made possible by the Tax Cuts and Jobs Act (TCJA) of 2017 and explaining how his bipartisan bill offers a solution to the expired R&D expensing provision that would help restore America’s dominance in R&D and secure American jobs. |
