February ’24 at-a-glance … taxes, tariffs & trade

Tax Relief Act stalls in Senate; NAFEM supports workforce investment act 

NAFEM joined hundreds of other associations in advocating for passage of the Tax Relief for American Families and Workers Act that would restore immediate expensing of domestic R&D expenses, enhanced interest deductibility and 100% accelerated depreciation. The Act passed the House with an overwhelming, bipartisan 357-70 vote, but stalled in the Senate. NAFEM also joined more than 800 association, business and nonprofit members of the Tomorrow’s Workforce Coalition in encouraging inclusion of the Freedom to Invest in Tomorrow’s Workforce Act in the Tax Relief Act. The latter Act would expand qualified expenses under 529 savings plans to include postsecondary skills training and credentialing programs.  

House considers significant reduction to “death taxes” 

House Republications have reintroduced the Death Tax Repeal Act. If approved, the Act would help family-owned companies currently faced with significant tax burdens following the death of a family member. Proposed exemptions are $13.61 million per individual or $27.22 million for spouses. The bill has 162 co-sponsors and more than 190 organizations have voiced support.  

USMCA requires certificate of origin to be updated every 12 months 

The U.S. – Mexico – Canada Agreement (USMCA) requires that certificates of origin for multiple shipments of identical goods not exceed 12 months. Requirements for filing the certificates are available on the U.S. Customers and Border Protection (CBP) website.