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ASA Prepares for Large Scale Tax Legislation in 2025

This week, ASA, and the Small Business Legislative Council (SBLC), walked the halls of Congress advocating in advance of large scale tax legislation that will be forthcoming in 2025. To that end, we support the following provisions:

  1. the repeal of the Corporate Transparency Act or, at the least, support modifications that ease the regulatory compliance burdens on small business;
  2. passage of the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024). Specifically, support for the business tax provisions of Title II of H.R. 7042 which provide for R&D benefits as well as extended bonus depreciation with increased limits on business expensing for certain assets; and
  3. the tax working groups of Congress as they prepare for the expiring provisions of the Tax Cuts and Jobs Act of 2017 (“TCJA”). Specifically, we support the renewal of the Qualified Business Income Deduction (199A) and all extension of the provisions related to business succession planning (e.g., increased estate and gift tax limitations).

On June 12, 2024, ASA during its legislative fly-in on Capitol Hill will be advocating for similar tax provisions.