House Committee Passes Bipartisan Tax Package

NRMCA joined more than 160 pro-business organizations in supporting a bipartisan tax package passed by the House Ways and Means Committee on January 19 that is now being considered for a full House vote. The business portions of the package include provisions that NRMCA has long championed, including:

• Extension of the allowance for depreciation, amortization or depletion in determining business interest expense, allowing a business to expense on a EBITDA basis rather than EBIT basis
• Extension of 100% bonus depreciation, retroactive to December 31, 2022, through 2025, phasing down to 20% in 2026 and expiring in 2027
• Increase in Sec. 179 limits on expensing of depreciable business assets, indexing the parameters to inflation for taxable years after 2018

Click here to read the letter that was sent to the House Ways and Means Committee. The NRMCA staff contact is Andrew Tyrrell.