WASHINGTON, DC — The American Bakers Association (ABA) celebrates the passage of the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) in the House of Representatives. The act addresses corporate tax concerns that would affect the commercial baking industry.
“The House of Representatives passage of today’s bipartisan legislation is a step toward restoring tax policies that are vital to the commercial baking sector,” said Eric Dell, president and CEO of ABA.
The tax code has granted American manufacturers to use full, immediate expensing since 2017. This legislation grants members of the baking and manufacturing industries the ability to deduct the cost of capital equipment in the year that it was purchased rather than being depreciated under IRS rules. This also includes deductions for R&D.
“Seeing the results of our members’ efforts to weigh in with their Members of Congress on important business issues is rewarding. These tax policies will empower the commercial baking sector to grow its operations, expand facilities and invest for the future,” said Rasma Zvaners, VP of regulatory affairs for ABA.
