Congress Must Restore Full R&D Expensing
The Business Council of Westchester (BCW) is deeply concerned about a tax provision that undermines American innovation.
For decades, American businesses were allowed to deduct 100% of annual research and development (R&D) costs that same year, commonly referred to as “full expensing.” Businesses also had the option to deduct (amortize) these costs over five years.
When the 2017 Tax Cuts and Job Acts took effect, amortization became the single option for businesses when it came to offsetting R&D costs. Businesses across the country began feeling its negative effects, seeing their tax bills balloon, and in many cases struggling to adjust.
During an already tumultuous time in which the U.S. economy hopes to avoid a recession, analysis has shown that this tax code could cost our nation’s GDP tens of billions of dollars and eliminate over 400,000 jobs.
Time is of the essence — Congress should prioritize restoring full expensing for R&D to ensure American innovation and job growth is maintained, rather than stifled.
To read the entire Op-Ed by John Ravitz, BCW Executive Vice President/COO John Ravitz click here.
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