Greater Spokane Incorporated (GSI), the preeminent voice for business development in the Spokane region, proudly announces its participation in a collective effort with the U.S. Chamber of Commerce to urge Congress to safeguard businesses’ vital interests. Specifically, the coalition is advocating for the continued immediate deduction of research and development expenses, a pro-growth interest deductibility standard, and the full deductibility of capital equipment purchases.
In these challenging times, businesses nationwide are grappling with uncertainties and financial pressures. It is imperative that Congress takes proactive measures to foster a business-friendly environment that encourages growth, innovation, and job creation. GSI is thrilled to collaborate with the U.S. Chamber of Commerce and a broad coalition of business to emphasize the significance of these three pillars for economic stability and expansion.
Immediate Deduction of Research and Development Expenses:
Research and development are the lifeblood of innovation and technological advancement. Immediate deduction of R&D expenses is an essential incentive for businesses to invest in the research that drives our economy forward. By preserving this deduction, Congress can support businesses in their quest to innovate, develop new products, and remain competitive in a global market.
Pro-Growth Interest Deductibility Standard:
A pro-growth interest deductibility standard enables businesses to finance job-creating investments more efficiently. By ensuring that businesses can deduct their interest expenses, Congress would encourage investment in expansion, job creation, and economic growth. This standard is essential for bolstering our economy and helping businesses navigate uncertain financial terrain.
Full Deductibility of Capital Equipment Purchases:
The ability to fully deduct capital equipment purchases is a crucial driver for business investment and growth. It empowers businesses to upgrade and expand their operations, invest in advanced technologies, and enhance their productivity. In doing so, it paves the way for job creation and strengthens the overall economic landscape.
GSI is committed to advocating for policies that promote economic prosperity, job opportunities, and the well-being of our community. By joining forces with the U.S. Chamber of Commerce and likeminded business organizations, we aim to amplify our message and encourage Congress to take action in support of these crucial measures.
We call on our elected officials to stand with us, to protect businesses, and to advance the collective interests of our nation. These policies, which underpin the competitiveness and innovation of American businesses, are pivotal for our economic recovery and long-term stability.