Today, Congresswoman Jen Kiggans (VA-02) announced that she joined Congressman Rudy Yakym (IN-02) and more than 140 of their colleagues in urging House Speaker Mike Johnson to include pro-small business tax provisions in any end-of-year legislative package. Specifically, the letter calls for extending immediate Research and Development expensing, full capital expensing, and a pro-growth interest deductibility rule.
“As our economy continues to recover from record-breaking inflation and low consumer confidence, it’s critical to give American businesses the tools they need to succeed,” said Congresswoman Kiggans. “The 2017 Tax Cuts and Jobs Act resulted in an unprecedented period of economic growth and prosperity; one that was unfortunately wiped out by the COVID-19 Pandemic and out-of-control Washington spending. I’m confident that by instituting these pro-business policies, we can provide our economy with a much-needed boost and support our local job creators.”
According to the National Federation of Independent Businesses, small business optimism has been below the 50-year average for 22 consecutive months.
The full letter can be found below.
Dear Speaker Johnson:
We write to urge you to support legislative action in any upcoming package by the end of the year to support three important, pro-growth tax changes. Specifically, we support extending: immediate R&D expensing, full capital expensing, and a pro-growth interest deductibility rule.
In 2017, House Republicans led the way with the Tax Cuts and Jobs Act (TCJA), a once-in-a generation tax reform. The TCJA improved America’s competitiveness and solidified the U.S. as the best place in the world to do business. To build upon this achievement, we believe we need urgent legislative action to support, spur, and secure American innovation, jobs, and competitiveness.
Thankfully, Chairman Smith outlined a path forward with his Build It in America Act, which received strong support from the Republican members of the Ways and Means Committee.
While we, the undersigned members, do not sit on Chairman Smith’s committee, we want to fully echo our colleagues in stressing consideration of these pro-growth tax changes by the end of 2023. Failing to act quickly will jeopardize hundreds of thousands of American jobs.