Washington, D.C. — Yesterday, Representative John Curtis (R-UT) voted in favor of the bipartisan Tax Relief for American Families and Workers Act. Following the vote, Curtis issued a statement and made additional comments in the video below:
“I was proud to support the Tax Cuts and Jobs Act as one of my first votes in Congress, which helped Utah’s families keep more of their hard-earned money and allow businesses to invest in their communities,” said Curtis. “The provisions in this bill build on that success and I am pleased to support its passage.”
The bipartisan tax agreement contains the following important provisions:
Research & Development (R&D) expensing so businesses of all sizes can immediately deduct the cost of their U.S. R&D investments instead of over 5 years – supporting innovation and growth here at home.
Interest deductibility to help small- and medium-sized businesses meet payroll and grow – particularly at a time of high interest rates.
100% expensing for business investment in U.S. facilities, equipment, and machines.
End double taxation on businesses and workers operating in both the U.S. and Taiwan – strengthening America’s competitive position versus China.
Increase small business expensing to $1.29 million – a $290,000 increase above the level enacted in GOP tax reform in 2017.
Cut red tape for small businesses by adjusting the reporting threshold for subcontract labor from $600 to $1,000 – the first update since the 1950s.
Increase access to housing with bipartisan provisions to increase state tax credit allocations and provide more flexibility on bond financing requirements.
Save taxpayer dollars by accelerating the deadline for filing backdated claims under the employee retention credit – a program hit by major cost overruns and rampant fraud.
Support middle-class families struggling with high prices by adding an inflation adjustment to the $2,000 child tax credit topline amount starting in 2024.
Eliminate penalty for large families to ensure child tax credit work incentives apply equally to families with multiple children.
