Supporting Pro-Growth Tax Legislation

Washington D.C.— Today, Aiden Buzzetti, President of Bull Moose Project joined 39 other conservative organizations calling on House and Senate leadership to immediately pass R&D-related tax provisions from the Tax Cuts and Jobs Act (TCJA) .

The letter reads:

Reestablishing full deductibility of research & development (R&D) costs (Section 174). As of 2022, businesses can no longer fully and immediately deduct their R&D investments. Instead, they must amortize these costs over the course of five years. This tax structure undermines American competitiveness and innovation. Congress should quickly restore R&D expensing.

Restoring deductibility of depreciation and amortization costs (Section 163(j)). Section 163(j) of the Internal Revenue Code allows businesses to deduct interest up to a certain limit, which includes 30 percent of adjusted taxable income (ATI). Since 2022, the amount of interest deductions that businesses can take has been limited to 30 percent of earnings before interest and taxes (EBIT) rather than earnings before interest, taxes, depreciation, and amortization (EBITDA), which was the standard during the initial years of TCJA. Restoring this tax provision would be a huge boon to American manufacturers.

To read the full letter please click here.

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