Arlington, Va. (April 15, 2024) – Aerospace Industries Association (AIA) President and CEO Eric Fanning today urged the Senate to pass the Tax Relief for American Families and Workers Act. This bill, passed by the House in January, would temporarily reverse a harmful research and development tax amortization provision that has stifled innovation and dampened American competitiveness:
“American innovation has always led the way, from airplanes to moon landings. But the 2022 research and development (R&D) expensing change is holding us back; we’re now one of only two countries not allowing full deductions for R&D expenses. This hampers our economy and global competitiveness, forcing employers to reduce their workforces and disincentivizing the very innovation that propels us forward,” Fanning said. “Unlike us, nearly every other country, including China, is investing even more in R&D. Fixing this policy is common sense and already has bipartisan support. It’s time for the Senate to vote on the Tax Relief for American Families and Workers Act to put American innovation back in first place.”
AIA and its members have repeatedly urged Congress to fix this harmful policy. In January, Fanning praised the House for passing the bill, sending it to the upper chamber.
AIA also released an updated an R&D fact sheet, advocating for a pro-growth tax code.
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