U.S. House of Representatives Approves Tax Relief for American Families and Workers Act of 2024

The U.S. House of Representatives approved the Tax Relief for American Families and Workers Act of 2024 (Bill H.R. 7024) on 31 January 2024 in a vote of 357 to 70, which now goes to the Senate. As previously reported, the main tax measures for companies include:

• The reinstatement of full current year deductions for domestic research and experimental expenditures for expenditures made after 31 December 2021 and before 1 January 2026, instead of the standard deduction over five years;
• The ext…