AIA Urges Senate to pass the Tax Relief for American Families and Workers Act of 2024 (HR 7024)
This legislation restores the ability of taxpayers to immediately deduct their research and experimental costs instead of requiring they be deducted over a five-year period.
WASHINGTON – February 2, 2024 – The American Institute of Architects (AIA) is calling on the U.S. Senate to work in a bipartisan manner to expeditiously pass the Tax Relief for American Families and Workers Act of 2024 (HR 7024). The legislation restores the ability of taxpayers to immediately deduct their research and experimental costs instead of requiring they be deducted over a five-year period.
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.
Read 2024 AIA President, Kimberly Dowdell, AIA, NOMAC, letter to U.S. Senate leadership here.
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