The U.S. House’s approval of the Tax Relief for American Families and Workers Act of 2024 marks progress in Bonus Depreciation Extension, with bipartisan support evident in the 357-to-70 vote. The bill extends benefits for aviation and business-oriented measures, including an extension of 100 percent depreciation and restoration of full research and experimental expensing. Continue reading to learn more about the Bonus Depreciation Extension.
The move to restore 100 percent depreciation took a step forward with the U.S. House’s approval of the Tax Relief for American Families and Workers Act of 2024 yesterday. While not unanimous, the House approved the bill, H.R.7024, by a 357-to-70 vote in a rare show of bipartisanship, particularly for a tax measure.
H.R.7024 now heads to the Senate, where its path forward is less clear—even with a strong endorsement by Senate Finance Committee Chairman Ron Wyden (D-Oregon).
This article was originally published by CFS Jets on March 6, 2024.