Kevin Kiley: “We have some good news in the bill that has just been released that is a major tax bill here in the House of…”

“We have some good news in the bill that has just been released that is a major tax bill here in the House of Representatives that will be moving through the House and likely coming up for a vote very soon. The good news is that several measures that I have cosponsored that provide important tax relief have made it into this tax bill. I wanted to provide a few examples because these are significant ways in which we are now using the tax code in order to stimulate the right kinds of economic activity. One of the measures that made it into the bill is H.R. 2673, the American Innovation and R&D Competitiveness Act. What this does is it eliminates the 5-year amortization requirement for research and experimental expenditures thereby allowing continued expensing of such expenditures in the taxable years in which they are incurred. What this does is it enhances the competitiveness of U.S. companies particularly when it comes to competition with China and otherwise across the board. Another provision that is very important that has found its way into this bill is H.R. 2406, the ALIGN Act. What it does is it makes permanent the expensing of certain new business equipment. This expensing allows the deduction of the full amount of an expensable item in the same taxable year instead of being depreciated under the current IRS rules. Once again, this is a very important provision for stimulating manufacturing and enhancing our competitiveness here in the United States.…”