Arlington, Va. (Jan. 31, 2024) – Aerospace Industries Association (AIA) President and CEO Eric Fanning today commended the House of Representatives for voting overwhelmingly in favor of the Tax Relief for American Families and Workers Act. This bipartisan tax legislation provides a temporary fix to a requirement to amortize research and development (R&D) expenses over five years.
“On behalf of our more than 320 member companies, the Aerospace Industries Association thanks the House of Representatives for acting to protect American innovation,” Fanning said. “The harmful research and development tax expensing policy stripped businesses of incentives to participate in the important exploration of advanced and emerging capabilities — hindering America’s economic competitiveness. Now we hope to see the Senate act with urgency to bring this bill to the floor and give America’s small and medium-sized business the relief they need.”
Since the amortization requirement went into effect in January 2022, AIA and its members have been advocating for a reprieve. Yesterday, a group of AIA’s small and medium-sized members sent a letter to congressional leadership urging support for the bill to protect “genuine American innovation in areas that affect civil aviation, commercial space, and our national security.”
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