Tax Alert: Tax Relief for American Families and Workers Act

Legislation to extend business tax provisions passes House but faces Senate opposition.

Summary of Bill: The Tax Relief for American Families and Workers Act would make several key business provisions retroactive and extend them through 2025. The bill would: (1) restore immediate expensing of domestic research and development costs; (2) restore the EBITDA calculation for adjusted taxable income under Section 163(j); and (3) reinstate 100% bonus depreciation.