The House has solidified their version of the HR-1 bill and the Senate will begin working on their part to meet the GOP deadline by July 4. The bill is far from perfect regarding a wide range of issues affecting tax and spending policies outside of AIA’s policy priorities but does currently include several wins on issues AIA members save been asking Congress to support for the last few years.

Included in the bill are positive provisions related to immediate expensing of R/D costs, an increase from 20% to 23% in the small business pass through deduction, and an increase from 9% to 12.5% for the Low Income Housing Tax Credit. Regrettably, the House has chosen to cut back or eliminate a number of Inflation Reduction Act energy efficiency incentives that AIA supports, but the Senate has signaled it will restore many of those incentives if/when the bill makes it to their chamber.

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