The U.S. House of Representatives only has 12 days left in its summer session prior to a scheduled departure on July 28, with lawmakers not slated to return to Washington, D.C. until September 12. The 45-day “District Work Period” is quite the lengthy sojourn from the halls of Congress. Lawmakers will use the six weeks away to meet with constituents, travel overseas and, yes, take a vacation.
Between now and the day in late July when they do break for August recess, members of the House must make the most of those 12 days in D.C. Many expect the House of Representatives to pass several, if not all, of the mandatory government-spending bills by the end of the month. The House is also slated to take up the annual Pentagon defense policy bill and GOP-led tax legislation. The tax bill includes several important fixes for business, including removing the requirement to capitalize and amortize R&D activities while reinstating the ability to fully expense those R&D actions retroactive to Jan. 1, 2022. The tax bill also restores 100% Bonus Depreciation from the current 80% level and the full EBITDA standard under 163(j) for interest deduction on business loans.
Whether the House is in session or not, they will still need the U.S. Senate to move on the bills expected to pass the lower chamber during these 12 days in July. And for that, we will have to wait through a long, hot August until the fall or even winter for final action on government spending, defense policy and extending lapsed tax provisions. These days, the seasons move more quickly than Congress.