WASHINGTON, D.C. (February 1, 2023) – Today, U.S. Congressman Tim Burchett (TN-02) released a statement after voting in favor of the bipartisan Tax Relief for American Families and Workers Act.
“This package gives hardworking families relief and includes tax credits for small and medium-sized businesses that are struggling,” said Rep. Burchett. “I'm glad we could get a bipartisan bill across the line that can do some good for Americans. I've advocated for several provisions in this bill in the past, and I'm glad our leadership included them.”
The Tax Relief for American Families and Workers Act would:
- Help small businesses by raising cap on small business expensing.
- Cut government red tape by adjusting the reporting threshold for subcontract labor to $1,000.
- Support growth and innovation by allowing businesses to immediately deduct the costs of their research and development expenses.
- Cut out government waste by slashing funding for a COVID-era spending program.
This bill also includes the contents of H.R. 2673, American Innovation and R&D Competitiveness Act of 2023, which Rep. Burchett previously cosponsored, as well as tax credits for American business Rep. Burchett requested in a letter to House leadership in November 2023.
The full text of the Tax Relief for American Families and Workers Act can be found here.
This is a companion discussion topic for the original entry at https://burchett.house.gov/media/press-releases/rep-burchett-votes-favor-tax-relief-american-families-and-workers-act