Dear Friend, 

The House of Representatives is working to provide tax relief for Americans from Main Street to Mulberry Street.

Last week, the House of Representatives passed a major piece of bipartisan tax legislation aimed at supporting families and local manufacturers.  

The Tax Relief for American Families and Workers Act, which passed the House by a vote of 357-70, reinstates tax cuts like research and development (R&D) expensing to support manufacturers and innovators, full interest deductibility to lower borrowing costs for small businesses in this high rate economy, and 100 percent immediate expensing, which will allow companies to fully deduct the cost of investments in equipment and machinery so we can bring more jobs back to the United States. This legislation boosts our economy, improves our international competitiveness, supports working families, and ends a COVID-era funding program that is rife with fraud and abuse.

The R&D tax credit alone will support more than 21 million jobs and will spark more than $70 billion worth of investment across the country. 100 percent immediate expensing will bring more than $400 billion in investment and will support 73,000 jobs. The interest deductibility provision will help create 867,000 jobs and $58 billion in take home wages. You can read more about how this legislation will support our state’s small businesses here.

This bill will put money back in the pockets of Minnesotans. We look forward to building on this momentum and providing additional relief for American families and small businesses.

Sincerely,