Research and Development Expensing

Floor Speech

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Mr. MOORE of Utah. Mr. Speaker, I rise this evening, along with my colleagues, in support of critical progrowth tax policies House Republicans are supporting to bolster good-paying jobs and strong wage growth for earners. These are solutions that will ultimately help Utah families flourish and help the entire Nation.

We have seen that tax policy can make a difference for the American people. In 2018 and 2019, following the passage of TCJA, real median household income rose by $5,000 and real wage growth increased 4.9 percent, the fastest 2-year growth in real wages in over 20 years.

Since then, we have seen the expiration of three important tax provisions that support these job creators and workers. It is not an exaggeration to say that my team and I have had thousands of conversations over the last few years about how these provisions contribute to the ability of businesses to expand, innovate, and invest in workers, communities, and the economy. These include the ability to immediately deduct R&D expenses, the more generous limitation on business interest expenses, and the 100 percent bonus depreciation for equipment and vehicles. These provisions of the tax code were crucial for job creators, workers, and their families in Utah.

Lastly, according to SBA, over 600,000 Utahns are employed by small businesses. My Small Business Growth Act, which would lift the deduction cap for qualifying equipment for small businesses, would help these small businesses grow their workforce in northern Utah.

Mr. Speaker, I will close by noting that these policies are fundamentally about the American workers in every congressional district across the country and the investments that we can make in them as well as their families and their communities.

Mr. Speaker, I strongly urge my colleagues to work together to get these policies over the finish line.

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