PRESS RELEASE
Washington, DC, April 15 – American Council of Engineering Companies (ACEC) Board Chair Jay Wolverton released the following statement urging Congress to fix the tax code so the engineering industry can continue to innovate and design the next generation of American infrastructure.
“Another Tax Day brings another crippling tax increase on America’s engineering industry and other sectors of the economy that embrace innovation. Engineering companies rely on research and development (R&D) in the work they do for our public and private sector clients, but a recent change in the tax code is literally punishing them for the innovation our economy needs to stay competitive.
The House overwhelmingly passed bipartisan legislation that will restore the deductibility of R&D expenses. It’s time for the Senate to act, resolve whatever issues they have with the House bill, and allow the R&D fix to move forward. Small businesses will go out of business without immediate action -- we cannot wait any longer.”
On April 8, ACEC President and CEO Linda Bauer Darr sent a series of letters to the U.S. Senate calling for the restoration of the full deductibility of research and development (R&D) expenses by acting on H.R. 7024, the “Tax Relief for American Families and Workers Act of 2024.” This bill passed with a wide bipartisan majority in the House but is needlessly languishing in the Senate. Learn more about the impact R&D amortization has on America’s engineers and hear their stories here.
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The American Council of Engineering Companies (ACEC) is the business association of the nation’s engineering industry. ACEC is a national federation of 52 state and regional organizations representing more than 5,500 engineering firms and 500,000+ engineers, surveyors, architects, and other specialists nationwide. ACEC member firms drive the design of America’s infrastructure and the built environment. Media contact: Jeff Urbanchuk; 202-594-7104.