[Congressional Record Volume 170, Number 6 (Thursday, January 11, 2024)]
[House]
[Pages H86-H87]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   RESEARCH AND DEVELOPMENT EXPENSING

  (Mr. WILLIAMS of Texas asked and was given permission to address the 
House for 1 minute.)
  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

[[Page H87]]

permanent and ensure that pro-growth policies such as full R&D 
expensing are included.
  In God we trust.

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