Research and Development Expensing

Floor Speech

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Mr. WILLIAMS of Texas. Mr. Speaker, I rise today to stress the importance that Congress address section 174 of the Tax Cuts and Job Act and continue to allow immediate and full research and development expensing by American small businesses.

Not allowing for full expensing would devastate small businesses across the country, resulting in layoffs, increased debt, and likely forcing thousands of businesses to close their doors for good.

The looming January 15 deadline highlights the growing need for Congressional action to provide continued tax relief to millions of small businesses and hardworking Americans.

As chairman of House Committee on Small Business and owner and operator of a small business in Texas for over 52 years, I am uniquely aware of the relief full expensing has provided to small businesses.

In 2017, Republicans led the way on once-in-a-generation tax reform in the Tax Cuts and Jobs Act and provided much-needed relief to the American people.

Amid historic inflation and increasing rates, we must continue to build on it. We can start by making the tax cuts permanent and ensure that pro-growth policies such as full R&D expensing are included.

In God we trust.

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