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.
According 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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