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You are here: Home / News / ASA-Endorsed Federal Tax Bill Passes Committee, Full House Vote Could Happen this Week

ASA-Endorsed Federal Tax Bill Passes Committee, Full House Vote Could Happen this Week

January 30, 2024 By CollisionWeek Editor

A bipartisan federal tax bill, endorsed by the Automotive Service Association (ASA) and business groups such as the U.S. Chamber of Commerce, passed the U.S. House Ways & Means Committee with 40 votes in favor and 3 votes against. Congressional sources say the full U.S. House of Representatives may vote on the legislation this week.

Automotive Service Association logoAccording to ASA, the following provisions in H.R. 7024, the Tax Relief for American Families and Workers Act of 2024, could positively impact automotive repair facilities:

  • Reclassifying interest paid on certain business loans as an allowable deduction and providing for a 100 percent bonus depreciation
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Filed Under: News Tagged With: Automotive Service Association, legislation, Tax, Tax Credits, U.S. Chamber of Commerce, U.S. House of Representatives

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