Clean Energy Business Network
The Clean Energy Business Network (CEBN) works to grow the clean energy economy through policy, public education, and business support for small- and medium-sized energy companies.
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Press Release: CEBN Applauds House Passage of Tax Deal, Strong Bipartisan Support for Restoring R&D Tax Deduction
- Feb 6, 2024 11:00 pm GMT
FOR IMMEDIATE RELEASE
February 2, 2024
Contacts:
Andy Barnes, abarnes@cebn.org, Tel: 202-785-0507, ext. 1503
Washington, D.C. – Lynn Abramson, President of the Clean Energy Business Network, provided the following statement after the House of Representatives passed the Tax Relief for American Families and Workers Act. This legislation includes a retroactive restoration to Section 174 allowing for immediate expensing on domestic R&D expenses incurred from 2022-2025.
“The overwhelming support for this package in the House is a tremendous win for R&D companies across the country in cleantech and beyond. We look forward to rolling this bipartisan momentum over to the other side of the Capitol. With tax season now open, it is imperative the Senate works expeditiously to pass this bill and provide relief to thousands of R&D firms that are counting on Congress to restore a policy that has a 70 year-track record of bolstering U.S. innovation.”
For more than a year, CEBN has been pushing to restore immediate expensing of R&D expenses. If enacted, this bipartisan deal will provide relief through the end of 2025, saving hundreds of startups from bankruptcy while providing time for lawmakers to develop a permanent legislative fix.
The U.S. is currently one of just two developed countries with a restriction on firms’ ability to immediately deduct R&D expenses. EY has projected that failure to restore immediate R&D expensing would cost up to 169,000 jobs and $10.1 billion in R&D investments annually.
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The Clean Energy Business Network (CEBN) is the small business voice for the clean energy economy, working to enhance opportunities for clean energy providers through policy support, market and technology education, and business development assistance.
The post Press Release: CEBN Applauds House Passage of Tax Deal, Strong Bipartisan Support for Restoring R&D Tax Deduction appeared first on Clean Energy Business Network.
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