While everyone appears distracted with many tasks during January 2024, our government is busy proposing new tax bills. It is important for our tax professional community to take a close look at what is happening as the US taxpayer never seems to come out ahead with ongoing proposed new tax legislation and a 33 BILLION dollar US debt. Therefore, we ask the tax experts in our tax community to identify and figure out who is making out with tax savings and who are the taxpayers feeling a tax increase. TaxConnections welcomes your commentary below.
It is in the markup stage now where many things often change.
The House Committee on Ways and Means has scheduled a committee markup for
January 19, 2024, a markup of H.R. 7024, the “Tax Relief for American Families and Workers
Act of 2024.” This document,1 prepared by the Staff of the Joint Committee on Taxation,
provides a description of this bill.
INTRODUCTION…………………………………………………………………………………………………….1
I. TAX RELIEF FOR WORKING FAMILIES……………………………………………………….. 2
II. AMERICAN INNOVATION AND GROWTH……………………………………………………. 9
1. Deduction for domestic research and experimental expenditures………………………… 9
2. Extension of allowance for depreciation, amortization, or depletion in determining
the limitation on business interest ………………………………………………………………. 15
3. Extension of 100 percent bonus depreciation………………………………………………… 19
4. Increase in limitations on expensing of depreciable business assets…………………… 26
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