Tax Bill With 100% Bonus Depreciation Gets a Shot in Senate

By Melanie Waddell

News May 07, 2024 at 12:42 PM

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The House-passed tax bill that includes 100% bonus depreciation is being filed today as an amendment to a reauthorization bill for the Federal Aviation Administration, a spokesperson for Senate Finance Committee Chairman Ron Wyden, D-Ore., told ThinkAdvisor Tuesday in an email.

The FAA must be reauthorized by Friday.

Wyden, the spokesperson said, "is continuing to work with his colleagues and [Senate Majority Leader Chuck] Schumer on finding the best path forward" to pass the Tax Relief for American Families and Workers Act of 2024, H.R. 7024.

Wyden said Friday the move was coming, Bloomberg Tax reported.

In mid-April, Wyden said that he and House Ways and Means Committee Chairman Jason Smith, R-Mo., were "pulling out all the stops" to ensure the Senate passes the tax bill.

The bill includes 100% bonus depreciation, allows for immediate research and development expensing and expands the Child Tax Credit.

Wyden said he and Smith were "reaching out to Republican senators as part of the effort," The Hill reported, but they have met stiff opposition from Republicans, who oppose the Child Tax Credit expansion, which would be retroactive.

The full House passed the tax bill by a 357 to 70 vote on Jan. 31.

The National Women's Law Center sent a letter Monday on behalf of 81 national organizations, calling on the Senate to either attach the bill to a must-pass vehicle, such as the Federal Aviation Administration (FAA) Reauthorization Act, or to bring it up to the floor for a vote.

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