Urging the Extension of Pro-Growth Tax Provisions

Floor Speech

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Mr. RESCHENTHALER. Mr. Speaker, I rise in support of extending the pro-growth tax provisions of the Tax Cuts and Jobs Act (TCJA).

In 2017, President Donald J. Trump signed the TCJA into law, which ushered in prosperity to the American economy. These benefits included significant investments in American workers, families, and local communities. Thanks to House Republican leadership and Chairman Jason Smith, Congress has prioritized the restoration of these important provisions, such as the full and immediate expensing for research and development, full expensing of investments in new equipment, machinery, and technology, and business interest deductibility.

Under these important TCJA provisions, job creators across our nation increased innovation, expanded facilities, and reinvested in their employees. For example, the International Paper Company utilized the research and design expensing reforms to advance efficiency and safety standards at their box plant in Eighty-Four, Pennsylvania.

Mr. Speaker, I hear across southwestern Pennsylvania the need to restore these vital TCJA provisions. I urge Congress and the Administration to recognize the opportunity before us. Restoring these provisions can strengthen the U.S. economy, help create new American jobs, and increase our nation's competitiveness. I stand with the businesses and workers in my district, and I encourage my colleagues to extend these expired provisions immediately.

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