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.
Similar News Items
Congratulations to the Burn Center at Westchester Medical Center on being verified by the American Burn Association (ABA) as an Adult and Pediatric Burn Center. The verification was made after a rigorous and thorough review of Westchester Medical Center’s burn care program. With this verification, BCW Member Westchester Medical Center is now home to the […]
In an expansion of its media portfolio, BCW Member Today Media has acquired Bethesda Magazine and the news site MoCo360 from Z-Pop Media. Today Media is a leading publisher of regional lifestyle magazines, business publications and websites across multiple markets including Westchester Magazine and 914INC. Rob Martinelli, CEO of Today Media, said Bethesda Magazine and […]
Become A Member
Join the county’s largest and most influential business organization today.JOIN NOW!