The year kicked off with an extension of a Continuing Resolution (CR) to temporarily fund the government and the introduction of a bipartisan and bicameral tax package. The introduction of the tax package was timely, given that 2024 and much of 2025 will be consumed by tax policy negotiations as provisions from the 2017 Tax Cuts and Jobs Act (TCJA) are set to expire in 2025. Also, at the start of the year, the bipartisan, bicameral Tax Relief for American Families Act was introduced by Senate Finance Chairman Ron Wyden (D-OR) and House Ways and Means Chairman Jason Smith (R-MO). If signed into law, the bill would allow businesses of all sizes to be able to immediately deduct the cost of U.S.-based research and development investments and increase the amount of investment that a small business can immediately write off from $1 million to $1.29 million. The legislation would also extend 100% bonus depreciation from January 1, 2023, through December 31, 2025.