February 5, 2024 — Last week, the U.S. House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024). The bill restores critical pro-growth tax provisions that underscore the economic future for American workers and companies, alike.
By restoring the tax credit to its previous state, travel technology companies can immediately deduct the cost of their U.S.-based research and development investments, which will help enhance American innovation and incentivize job-creating investments for the travel industry and beyond.
In the days and weeks leading up to the vote on the bill, the Travel Tech Association (Travel Tech) worked to garner support. Prior to the markup, Travel Tech and 260 other associations sent a letter to the House and Senate leadership underscoring the importance of the bill.
“Travel Tech members and the other undersigned organizations, represent hundreds of thousands of businesses who employ tens of millions of Americans,” said Laura Chadwick, CEO of Travel Tech. “We’re pleased to see the House move forward with the bill and hope it can be supported by the Senate.”
The Travel Technology Association (Travel Tech) empowers traveler choice by advocating for public policy that promotes marketplace transparency and competition. Travel Tech represents travel technology innovators ranging from dynamic startups, small, and midsize businesses to leading online travel agencies, metasearch engines, short-term rental platforms, global distribution systems, and travel management companies.
To schedule an interview with a Travel Tech spokesperson, contact Bradford Williamson of Glen Echo Group at 202.870.3234 or bwilliamson@glenechogroup.com.
