The ADA applauded the efforts of Congress as a $78 billion piece of tax legislation edged closer to a vote.
The American Dental Association (ADA) lauded a new milestone for the Tax Relief for American Families and Workers Act of 2024, which includes tax breaks that would benefit ADA members.
The $78 billion bill was advanced by the House Ways and Means Committee and Senate Finance committee, moving it closer to a vote. The bill includes some of the ADA’s top tax policy priorities that the association says would benefit practices, dentists, and dental students.
Key provisions include an increased limit on expensing of depreciable business assets and allowing a deduction for research and experimental expenses.
The ADA sent a letter to Rep Jason Smith, (R-Mo), and Sen Ron Wyden, (D-Ore), thanking them for including some of its policy priorities in the current version of the bill.
In addition to tax breaks for businesses and business owners, the bill also includes expanded child tax credit for working families.
The ADA also threw its support behind tax policies that are not currently included in the bill, such as fair treatment of business income generated by pass-through entities, which impacts certain practices.
The Bill passed through the House Ways and Means Committee by a vote of 40-3, with all Republican members in favor and only 3 Democrats on the committee dissenting. According to the New York Times, the bill faces a murky path to passage, but the committee vote seemed to be a positive indicator of its favorability among House Democrats who are in the minority.