The House of Representatives approved the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) by a bipartisan vote of 357 to 70. The legislation addresses a key ACEC priority by delaying the research and development (R&D) amortization requirement until 2026. It remains stalled in the Senate.
Other provisions in H.R. 7024 include a delay of the limits on interest deductibility and full expensing of capital equipment purchases. The package also expands the child tax credit with an emphasis on low-income families.
Pushing for Senate action on H.R. 7024 was the focus of recent Capitol Hill visits by ACEC firm executives during the Annual Convention & Legislative Summit. Republican senators in particular continue to express concerns over the child tax credit provisions, and alternatives offered by both sides have not been accepted. Support for R&D deductibility remains strong, however, with some senators speculating that there may be opportunities to move the bill later in the year.
ACEC and its coalition allies continue to press the Senate to pass H.R. 7024 as soon as possible.
Congress gave final approval in May to a long-term Federal Aviation Administration (FAA) reauthorization bill that boosts funding for airport projects and includes other priorities outlined by ACEC. President Joe Biden has signed the measure into law.
The FAA package will provide $4 billion in annual Airport Improvement Program funding for fiscal years 2025 to 2028, an increase of $650 million per year above current levels. An additional $200 million annually is set aside for airport resilience and runway safety grants, and the law establishes a $350 million reimbursement program for airport sponsors to replace firefighting equipment and foam associated with per- and polyfluoroalkyl substances (PFAS), including costs for cleaning and disposal of equipment and wastewater treatment.
The package amends existing design-build authority to include Construction Manager at Risk and Progressive Design-Build and creates a pilot program for five Integrated Project Delivery projects.
Finally, the new law will advance the development of a comprehensive system and strategy for safely integrating unmanned aircraft systems (UAS) and advanced air mobility aircraft into the national airspace. The strategy includes a regulatory pathway and standards for operations beyond visual line-of-sight; a risk-based approach in reviewing waiver requests under Part 107; a grant program to support the use of UAS when inspecting, repairing, or constructing critical infrastructure; and renewal and expansion of UAS test ranges.