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Tax Cuts and Jobs Act Archive

2023 State Tax Trends: State Income Tax Relief

TweetShareSharePin0 Shares Forty-three states adopted tax relief in 2021 or 2022—often in both years—and of those, 21 cut state income tax rates. It’s been a remarkable trend, driven by robust state revenues and an increasingly competitive tax environment. But many observers doubted the trend could, or should, continue into 2023. It can. It should. It

Bonus Depreciation: Details & Analysis

TweetShareSharePin0 Shares Key Findings Cost recovery refers to how businesses deduct their investments over time. The Tax Cuts and Jobs Act of 2017 reintroduced 100 percent bonus depreciation for short-lived investments, such as machinery and equipment, allowing full cost recovery for qualifying investments. Bonus depreciation will begin phasing down at the beginning of 2023. In

Tax Incentives & Charitable Giving

TweetShareSharePin0 Shares The tax treatment of charitable giving over the past few years has been influenced by two major tax events: the 2017 Tax Cuts and Jobs Act (TCJA) and the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act. These changes provide a case study of how changes in tax policy can influence taxpayer

Business R&D Investment Trends: Details & Analysis

TweetShareSharePin0 Shares Research and development (R&D) is a crucial part of technological change, as R&D takes initial scientific discoveries and translates them into useful products that improve lives. Both the public and private sectors play important roles in R&D, but in recent years, private sector investment has become increasingly important. In 2019, businesses performed 75

Business Interest Deduction Limitation Policies

TweetShareSharePin0 Shares As part of the 2017 Tax Cuts and Jobs Act (TCJA), the United States enacted a new limitation on interest deductions for businesses. While it is common for countries across the Organization for Economic Cooperation and Development (OECD) to set limits for interest deductions, starting this year, the U.S. became an outlier by

Federal Tax & Budget Policy During the Lame Duck

TweetShareSharePin0 Shares Two weeks after the 2022 midterm elections, it’s becoming clearer where tax policy may be headed for the rest of the year and into 2023. In the short term, Congress must deal with tax extenders and expiring business tax provisions that may undermine the economy. Next year, the return of divided government and

2022 Tax Extenders: Details & Analysis

TweetShareSharePin0 Shares At the end of each year, policymakers face a series of expiring tax provisions that are typically extended on a temporary basis, setting up a recurring and almost ritualistic tax extenders season. At a time of heightened concerns about the economy, high deficits, and inflation, policymakers should prioritize stability and economic growth by

Child Tax Credit Reform Options: Details & Analysis

TweetShareSharePin0 Shares November 10, 2022 Garrett Watson Alex Durante Garrett Watson, Alex Durante As we near this year’s “lame duck” session of Congress, there has been renewed interest in child tax credit reform as part of a broader tax deal. One year after the expanded child tax credit originally enacted as part of the American

Tax Cuts and Jobs Act Business Tax Increases: Details & Analysis

TweetShareSharePin0 Shares Key Findings Starting in 2022 and continuing through 2026, businesses will face several tax changes scheduled as part of the Tax Cuts and Jobs Act (TCJA), including a switch to five-year amortization of R&D expenses, the gradual phaseout of 100 percent bonus depreciation, a tighter interest deduction limitation, and an increase in international

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