Tax Day’s Over, Now Congress Must Act: Main Street Needs Immediate Relief

Tax Day has come and gone, leaving Main Street businesses across America with a lingering sense of uncertainty. After navigating the complexities of filing, many are now faced with the daunting task of planning for the year ahead – and beyond – amidst a landscape of shifting tax policies. Congress, the time for action is now.

The strength of our economy and the vitality of our entrepreneurial spirit hinge on the decisions made in Washington. We cannot afford to let pro-growth tax provisions, like those within the Tax Cuts and Jobs Act (TCJA), lapse. Failure to act will not only punish American families and small businesses, but also undermine our nation’s competitive edge.

Here’s what Congress must prioritize to provide immediate relief:

• Restore Immediate R&D Expensing: The current requirement to amortize research and development costs over 5 to 15 years is a crippling blow to innovation. It delays vital tax benefits, stifles investment, and puts American businesses at a global disadvantage. Congress must restore immediate expensing to unleash the full potential of our R&D sector.
• Reinstate 100% Bonus Depreciation: Allowing businesses to immediately deduct capital investments like equipment and machinery is a powerful catalyst for growth. As the phase-out of this provision looms, Congress must act to reinstate 100% bonus depreciation. This will incentivize investment, boost productivity, and drive job creation.
• Preserve the C-SALT Deduction: The deduction for state and local taxes (SALT) paid by businesses is crucial for maintaining a level playing field. Congress must resist any efforts to eliminate or curtail this deduction, which would disproportionately harm small businesses.

Main Street businesses are the backbone of our economy. They are the job creators, the innovators, and the pillars of our communities. Congress must recognize the urgency of this moment and take immediate steps to provide the tax relief they desperately need.

The message is clear: there is no more important task for Congress than to extend these pro-growth tax provisions. Let’s make America the best place in the world to start and grow a business.

Call to Action: Contact your representatives in Congress and urge them to prioritize immediate tax relief for Main Street. The future of our economy depends on it.