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Sunday, November 17, 2024

Kansans, Conservative Organizations Praise R&D Expensing, Pro-family Provisions in Tax Relief Legislation

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Rep. Ron Estes, U.S. Representative for Kansas 4th District | Congressman Ron Estes Official Website

Rep. Ron Estes, U.S. Representative for Kansas 4th District | Congressman Ron Estes Official Website

Kansas small businesses and national conservative organizations are voicing their support for the Tax Relief for American Families and Workers Act, which was recently passed. The legislation has been praised for its provisions related to research and development (R&D) expensing and pro-family measures.

Alan Cobb, President and CEO of the Kansas Chamber, emphasized the importance of R&D for the state's economy, stating, "Kansas small businesses are the economic engine of our state, and the research and development they conduct is vital to our local and national economies." He further added, "The bipartisan Tax Relief for American Families and Workers Act is a huge boost for Kansas job creators and innovators who are about to lose their small businesses because of expired tax provisions. The U.S. Senate should quickly take up this legislation."

Darin Greseth, President and CEO of BG Products, highlighted the significance of R&D for their company's growth and innovation. He said, "No longer just focusing on the automotive industry, through our additional expansion into robotics, automation, transportation and more, we strive to help multiple industries move forward. This R&D tax provision will help BG and many other companies continue to grow and benefit their employees, customers, and communities."

Jason Cox, President of Cox Machine, expressed his excitement about the inclusion of immediate R&D expensing in the new tax bill. He stated, "Immediate R&D expensing has been crucial for U.S. innovation and competitiveness, especially in midsize businesses like ours, which may have a smaller budget for R&D. We're very excited to see this included in the new tax bill, and looking forward to its passage."

Brett Robinson, President and CEO of Integra, praised the revival of the R&D tax provision in the bipartisan bill. He said, "With Integra about to embark on several programs that contain huge amounts of R&D that will benefit the US semiconductor industry, we are pleased with the passage of the bipartisan bill that revives the R&D tax provision – a provision that has been helping American companies for decades."

Conservative organizations have also expressed their support for the legislation. Grover Norquist, President of Americans for Tax Reform, highlighted the bill's extension of key cost recovery provisions of the 2017 Republican tax cuts. He stated, "Passing this bill increases American competitiveness with China, leads to more jobs, higher wages for workers, and encourages new investment and innovation for businesses. This is a win for taxpayers."

Pro-life and family organizations, including Susan B. Anthony Pro-Life America, commended the improvements to the Child Tax Credit (CTC) in the legislation. They emphasized that the bill adjusts the CTC for inflation to provide tax relief to families in need. They also noted that the legislation treats all children equally, eliminating the penalty for having more than one child. This is seen as a fair and supportive measure for families of all sizes.

In addition to the provisions related to R&D and pro-family measures, the Tax Relief for American Families and Workers Act also includes other business-side reforms. FreedomWorks and other pro-freedom groups wrote, "This bill builds on the success of the Tax Cuts and Jobs Act by restoring full expensing for equipment and R&D expenditures and increasing the deductibility of interest and amortization costs." They further mentioned that these provisions have the potential to create the biggest economic boost according to the Tax Foundation. The legislation also provides an expanded child tax credit, putting more money in the pockets of struggling families and indexing the credit to help shield its recipients from inflation.

Overall, the Tax Relief for American Families and Workers Act has garnered support from Kansans, conservative organizations, and pro-life and family organizations. The legislation's provisions related to R&D expensing and pro-family measures are seen as crucial for economic growth, innovation, and support for American families.

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