Advocacy Alert: Senate Procedural Vote on R&D Likely This Week

ACEC’s advocacy team has learned that Senate Majority Leader Schumer will bring up HR 7024, the “Tax Relief for American Families and Workers Act of 2024,” for a procedural vote this week. This is likely to happen on Thursday, but the situation is still very fluid.

Setting the Stage: This is a political vote designed to put Senators on record before the election. We have not seen any movement from Senate Finance Committee Ranking Member Mike Crapo (R-ID) or other Senate Republicans who are deferring to Sen. Crapo’s concerns about the child tax credit language in the bill.

Why it Matters: This procedural vote in the Senate on HR 7024 could build momentum on a fix for this critical issue to alleviate financial burdens on small engineering firms and fuel job growth and innovation within the industry.

The Bottom Line:

• Engineering firms and other innovators urge the Senate to support H.R. 7024, temporarily fixing the R&D amortization requirement.

• The House passed H.R. 7024 by a wide bipartisan margin of 357-70, and we hope the Senate will take a similar bipartisan approach to supporting innovative jobs and investment in the U.S.

• The R&D amortization requirement has been particularly hard on small engineering firms. Many have put hiring on hold and have had to take out loans to pay the tax. Watch our testimonials below.

 Your Move: ACEC is working with our coalition allies to urge the Senate to proceed with HR 7024.

• Contact your Senators with the ACEC Action Alert on H.R. 7024 here.