If the House of Representatives does not pass HR 7024, the tax liability of #architecture firms of all sizes will be dramatically impacted, limiting their ability to grow and hire talent. Read more: https://bit.ly/3um7W6O #AIA
AIA and partner organizations have spent months engaging with Congress and the Administration, pressing for a fix to the current requirement that R&D (Research & Development) expenditures be amortized over 5 years. On January 19th, House Ways & Means voted HR 7024 – which includes the fix we have been working toward – out of committee by a vote of 40-3.
The proposed change would allow taxpayers to take the full credit for R&D expenses in the year they are incurred. The provision is retroactive to 2022 and runs through 2025.
Please take a moment to call your Representative and ask for a yes vote! If you are not sure who your Representative is, you can look it up here: https://www.house.gov/representatives.
Once you know, just call 202-224-3121 and ask for your Representative’s office. There is a script below that you can use when you call.
Thank you in advance for your participation.
Sincerely,
Alexander Cochran
Chief Advocacy Officer
AIA
Phone Call Script
I am calling to ask Representative [name] to vote “yes” on H.R. 7024, the tax package that was recently agreed upon by leadership in both the House and Senate. The bill includes an important fix to the current rules for the R&D tax credit that has caused significant financial strain for me/my firm/architectural firms across the country. Some firms have had to institute a hiring freeze or even lay off employees to cut costs so they can afford to pay significantly higher tax bills due to the R&D tax credit rule change. The change is costing us jobs and, in some cases, may cause small businesses to close altogether. Vote YES when the bill comes to the floor. Thank you!