And the “Tax Relief Act….” heads to the Senate. What’s in it for Manufacturers?
The bill entitled “The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) (AFWA) passed the house on January 31st and now heads to the Senate. What we know so far:
- The pay-for is the early termination of Employee Retention Credit (ERC) claims.
- While the first round tilted bipartisan, our contacts in Washington expect amplified debate as the bill makes its way through the Senate.
- Due to a lively agenda in the senate and an upcoming recess, it’s unclear when we might see a vote.
Find out which hot items for manufacturers have survived so far (hint: R&D, business interest expense, accelerated depreciation, and more…) in this deeper dive by CLA’s tax professionals:
Jennifer Clement is an executive sales and marketing leader specializing in value creation for the C-suite. In her current role at CLA, Jennifer collaborates on strategy with executives of global manufacturing and distribution companies to accelerate results. Previously Jennifer served as a Global Business Acceleration Leader for Complete Manufacturing and Distribution (CMD). During her time with CMD, Jennifer lived and worked in Asia from 2015-2019. Prior to CMD, she spent 10 years in senior care technology. Jennifer started her career at Johnson Controls (JCI) and spent nine years in leadership roles; followed by five years at Rockwell Automation (ROK) leading c-suite strategy and marketing operations.
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