H.R.7024, the Tax Relief for American Families and Workers Act of 2024, was introduced in the 118th Congress on January 17, 2024. The House approved the bill on January 31, 2024. The legislation is now pending before the Senate.
The legislation will make tax-related changes in areas that include business tax deductions and credits, the child tax credit, special taxation rules for certain residents of Taiwan, tax relief for certain Federal disasters, low-income housing credit, and other tax incentives.
This report focuses on three tax incentives proposed under the title “American Innovation and Economic Growth,” applicable to the hospitality industry.
The three incentives are (1) the extension of the 100-percent bonus depreciation, (2) an increase in limitations on expensing of depreciable business assets, and (3) extension of the allowance for depreciation, amortization, or depletion in determining the limitation on business interest deductions.
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