AIA applauds House of Representatives for passing the Tax Relief for American Families and Workers Act of 2024 (HR 7024)
AIA commends the House of Representatives for working in a bipartisan manner to pass the Tax Relief for American Families and Workers Act of 2024 (HR 7024) which restores the ability of taxpayers to immediately deduct their research and experimental costs instead of requiring they be deducted over a five-year period. AIA now urges the Senate to pass this important legislation.
WASHINGTON – January 31, 2024 – The American Institute of Architects (AIA) commends the House of Representatives for working in a bipartisan manner to pass the Tax Relief for American Families and Workers Act of 2024 (HR 7024) which restores the ability of taxpayers to immediately deduct their research and experimental costs instead of requiring they be deducted over a five-year period. AIA now urges the Senate to pass this important legislation.
Without this legislation, the tax liability of the more than 19,000 architecture firms in the U.S. would be dramatically impacted, limiting their ability to grow, hire talent and even operate successfully. Architecture firms employ more than 200,000 individuals nationally and conduct research and development which not only protects the health, safety, and welfare of the American public but also provides design expertise that helps support the economy.
Last week 2024 AIA President, Kimberly Dowdell, AIA, NOMAC, sent a letter to U.S. House of Representatives leadership urging passage of this legislation. Read Dowdell’s letter here.
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