House Republicans have expressed interest in year-end tax legislation that addresses what are often referred to as the “Big Three” tax provisions of the Tax Cuts and Jobs Act (TCJA). Specifically, they want to: 1) restore immediate expensing under the research credit, 2) restore the bonus depreciation amount to 100% (it’s currently 80% and drops to 60% for 2024), and 3) address the IRC Section 163(j) deduction for business interest expense. GOP members say that these provisions enjoyed bipartisan support for revision but weren’t addressed in last year’s omnibus bill. However, with only half a month left in the year, it’s uncertain whether new legislation can be passed in time. Stay tuned.
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