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American Innovation and Jobs Act (2023) Sought to reinstate immediate expensing and bolster the R&D tax credit for smaller companies. Tax Relief for American Families and Workers Act (January 2024) Included a provision to defer amortization until 2026. Outcome: Proposed but not enacted.
Eligible taxpayers with an average of $50 million or less in gross receipts over the previous three years may claim the federal R&D tax credit against their alternative minimum tax liability. Pass-through entities may want to consider recognizing gains in 2020 that may have otherwise been recognized in early 2021. California.
As your go-to tax pro whos on the roller coaster ride with you, let me assure you that I will do anything I can to help prepare your Skagit County businesstax-wise for whats coming. Let me briefly address some 2024 trends that could bring potential 2025 tax changes at the local and state levels across the country.
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