American founders and tech workers: Call your Congressperson ASAP
4 comments
In case anyone wants to actually read the bill:
https://www.congress.gov/bill/118th-congress/house-bill/7024...
I'm confused, though - the same wording regarding software development in Section 174 also exists in this bill. How is it fixing the problem?
https://www.congress.gov/bill/118th-congress/house-bill/7024...
I'm confused, though - the same wording regarding software development in Section 174 also exists in this bill. How is it fixing the problem?
It changes it so that it takes effect after 2025. (It is expected to be automatically renewed at that point)
This bill retroactively fixes it for 2022-2023 as well as 2024-2025. A permanent one-time fix is too expensive from a Congressional Budget Office scoring perspective, but lots of initiatives are renewed every few years. It's just how Congress works
This bill retroactively fixes it for 2022-2023 as well as 2024-2025. A permanent one-time fix is too expensive from a Congressional Budget Office scoring perspective, but lots of initiatives are renewed every few years. It's just how Congress works
Wow, thanks for making it so easy for me to know who to call and what to say. They answered the phone in 1 second (seriously), I told them what I wanted to say, and they recorded my name and that was it.
>Implying gunbarrel consolidation isn't the plan.
How else do you prop up the S&P 500?
How else do you prop up the S&P 500?
This is a factor in all of the layoffs going on at big companies, and it's already causing bankruptcies for small companies.
Startups are being forced to raise sooner than planned in this awful environment for lower valuations.
People who've gotten government R&D grants are screwed, as those grants can't be used to cover taxes, so they're personally liable for hundreds of thousands in taxes even though they had zero revenue.
Perhaps you saw my thread of stories from founders about this over the weekend.[2]
This applies beyond software, too: any kind of tech, any kind of R&D. Even if it's not what you think of as R&D (like adding new features -- it's considered R&D under this), and even if the company gets the R&D credit (which only covers a tiny portion of this).
Oh - and Congress never intended for this to take effect. They knew it was bad, yet still we have to twist their arm to fix it.
Well, there was reason for hope the last few weeks. Congress struck a deal to fix the R&D expensing mess, and a few other business tax issues, plus expanding the Child Tax Credit, relief for disaster victims, and other good stuff. I've been working on this issue since early last year, and this tax deal is our best shot of getting this fixed.
The bill is heading for the House floor early next week.
But unfortunately there is a small group in Congress that is trying to torpedo the Tax Deal.
And torpedoing the tax deal would be devastating for tech. For founders, for employees, for the economy.
I don't know how many of you remember the SOPA/PIPA issue of 2012, two bills that would have killed user-generated content. Wikipedia had a blackout. Tons of other sites, too. People who'd never called Congress before called and made the phones ring off the hook.
And you know what? It worked. SOPA/PIPA died, because tech banded together.
Tech is in serious danger again, so we need to work together again, and we need to do it NOW. Like — right now.
The highest ROI thing you can do for your company, for your job security, is to call your Congressional Representative and ask them to support HR 7024.
This is all you have to say when the nice staff member picks up the phone:
"Hi, my name is [first/last], and I am live in your district. Please ask the Representative to support HR 7024. Thank you."
They might ask you to confirm your name and phone number, and that's it. It should take you less than 2 minutes.
You can add some more if you want ("I'm a tech worker/startup founder/small business owner/etc"), or not.
You can find their phone number on the Small Software Business Alliance website (https://ssballiance.org/), or by using the Congressional directory (https://www.house.gov/representatives/find-your-representative). Doesn't matter.
Just call them now. And report back here on what they say. Please post a comment so more people see this thread. If there was a wait (which means our effort is working if their phone line is tied up).
[1] https://hn.algolia.com/?q=section+174 [2] https://twitter.com/mjwhansen/status/1748345492998696961