Senate Finance Committee Chair Ron Wyden and House Ways and Means Committee Chair Jason Smith have introduced tax reform legislation. This bill increases the refundable amount of the child tax credit. It also changes the write-offs for research and development to allow for immediate expensing and restores interest deductions. This language includes the availability of a 100 percent bonus deduction for certain assets and increases the amount that can be expensed under the Section 179 deduction.
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