The American Bakers Association's recent advocacy efforts have been validated with the successful passage of the Tax Relief for American Families and Workers Act of 2024 (H.R.7024) in the House of Representatives. This Act, strongly supported by the industry, addresses significant corporate tax concerns affecting the commercial baking sector.
Eric Dell, ABA President and CEO said, “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.”
Since 2017, the tax code has allowed American manufacturers to utilize full and immediate expensing. The legislation enables the baking industry and the manufacturing community to deduct the cost of purchased capital equipment in the year it was purchased instead of being depreciated under confusing IRS rules. The legislation also includes research and development deductions vital for industry innovation.
“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, ABA Vice President of Government Relations.
ABA urges the Senate to take up and swiftly pass this important legislation.
