WASHINGTON – Following last week's passage of the Tax Relief for American Families and Workers Act, Kansas small businesses and national conservative organizations voiced their support for the legislation and are urging the Senate to act swiftly.
"Kansas small businesses are the economic engine of our state, and the research and development they conduct is vital to our local and national economies," said Kansas Chamber President and CEO Alan Cobb. "Numerous small businesses have struggled to keep their doors open because of current economic pressures, made worse by the need to amortize R&D costs. The bipartisan Tax Relief for American Families and Workers Act is a huge boost for Kansas job creators and innovators who are about to lose their small businesses because of expired tax provisions. The U.S. Senate should quickly take up this legislation."
"BG Products prides itself on staying at the forefront of innovation through our dedicated R&D teams and facilities. No longer just focusing on the automotive industry, through our additional expansion into robotics, automation, transportation and more, we strive to help multiple industries move forward. This R&D tax provision will help BG and many other companies continue to grow and benefit their employees, customers, and communities," said BG Products President and CEO Darin Greseth.
"Immediate R&D expensing has been crucial for U.S. innovation and competitiveness, especially in midsize businesses like ours, which may have a smaller budget for R&D," said Cox Machine President Jason Cox. "We're very excited to see this included in the new tax bill, and looking forward to its passage."
"With Integra about to embark on several programs that contain huge amounts of R&D that will benefit the US semiconductor industry, we are pleased with the passage of the bipartisan bill that revives the R&D tax provision – a provision that has been helping American companies for decades," said Integra President and CEO Brett Robinson.
"This bill extends key cost recovery provisions of the 2017 Republican tax cuts signed by President Trump, a crucial step in achieving full permanency of the Tax Cuts and Jobs Act. Passing this bill increases American competitiveness with China, leads to more jobs, higher wages for workers, and encourages new investment and innovation for businesses. This is a win for taxpayers," said Americans for Tax Reform President Grover Norquist.
"H.R. 7024 improves the CTC to better serve all families in need by adjusting the CTC for inflation so that they receive tax relief," wrote Susan B. Anthony Pro-Life America and 11 additional pro-life and family organizations. "This means as the costs of having a family increase, so will the resources moms and dads have to make ends meet and provide for their kids. The legislation would also stop penalizing parents for having more than one child by treating all children equally. This is not only fair for families no matter their size but also ensures support for growing families."
"This bill builds on the success of the TCJA by restoring full expensing for equipment and R&D expenditures and increasing the deductibility of interest and amortization costs. According to the Tax Foundation, out of the 11 expiring provisions of the TCJA, these three have the potential to create the biggest economic boost. In addition to the business-side reforms, the TRAFWA provides an expanded child tax credit that will put more money in the pockets of struggling families and index the credit to help shield its recipients from inflation," wrote FreedomWorks and 17 other pro-freedom groups.
