NEC Seeks Member Feedback Ahead of 2025 Tax Debate
In 2017, Congress passed and then-President Trump signed into law the Tax Cuts and Jobs Act (TCJA), the largest overhaul of U.S. tax code for both businesses and individuals in three decades.
Most notably, the law created a single flat corporate tax rate of 21%, ended the individual mandate provision of the Affordable Care Act, and raised the child tax credit. The law also included a wide array of other provisions impacting the business community, including provisions related to retirement savings, the alternative minimum tax, foreign earnings, domestic manufacturing, and immediate expensing, among many others.
Here are a few resources where you can learn more about the provisions of the TCJA:
Many of the provisions of the TCJA are set to expire in 2025. While President Biden has indicated that he will allow them to expire if he is reelected this fall, former President Trump had pledged to work to renew the provisions if he is elected in November.
The New England Council understands that many of these provisions have had a significant impact on businesses and organizations in our region – both positive and negative. In anticipation of any tax debate in 2025, the Council is seeking feedback from our members about how the provisions of the TCJA have impacted your organization or your sector more broadly, which you would like to see renewed, and which you have concerns about.
Please use the link below to share your feedback with Council staff. In the coming months, we will collect and review feedback from members, and will work to identify common priorities among the region’s business community so that we can be prepared to communicate both priorities and concerns to the region’s Congressional delegation in early 2025.
If you have any questions, please contact Emily Heisig at eheisig@newenglandcouncil.com.