WASHINGTON – January 29, 2024 – The American Institute of Architects (AIA) calls on the House of Representatives to work in a bipartisan manner to expeditiously bring the Tax Relief for American Families and Workers Act of 2024 (HR 7024) to the House floor for a full vote and passage as soon as possible.
There are over 19,000 architecture firms throughout the United States. These small, midsize, and large businesses employ more than 200,000 individuals nationally. Architecture firms conduct research and development which not only protects the health, safety, and welfare of the American public but also provides design expertise that helps drive our local, regional, and national economy. If the House of Representatives does not immediately act to 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 2024 AIA President, Kimberly Dowdell, AIA, NOMAC, letter to U.S. House of Representatives leadership here.
The Tax Relief for American Families and Workers Act of 2024 (HR 7024) was overwhelmingly supported by House Ways and Means Committee members when it was voted out of committee on Friday, January 19th.
The tax package contains provisions that AIA’s 98,000 architects and design professionals support and care about deeply, which include:
- Restoring the ability of taxpayers to immediately deduct their research and experimental costs paid or incurred during tax years 2021-2025 instead of requiring they be deducted over a five-year period;
- Reinstituting the 12.5% Low-Income Housing Tax Credit ceiling for calendar years 2023-2025 and allowing states to allocate more credits for affordable housing projects; and
- Lowering the tax-exempt bond financing requirement and allowing more buildings to receive the Low-Income Housing Tax Credit
We’ve heard from many of you whose firms have experienced financial strain and hardship because of the harmful Research and Development (R&D) amortization tax provision. Through our outreach to Congress and our allies, we’ve been steadily pushing for a fix. Now that a solution is in sight, we need your help to get it over the finish line.
Please take a moment to call or email your Representative and urge them to support the tax package that includes the R&D fix. You can use the language below for your email or phone call.
Not sure how to reach your Representative? Simply go to https://www.house.gov/representatives where you can look up your Representative’s contact info.