By Michael T. Jackson
The future of the moving tax expense deduction and exclusion will be decided by the U.S. Congress over the course of the next 14 months, which will have significant ramifications for the 350,000-plus U.S. workers who move within the country for employment purposes each year and their employers. In the coming weeks, there are several ways you and your organization can get involved and support the industry in getting this deduction reinstated:
1. Submit Comments to the House Ways and Means Republican Tax Team
Republican members of the U.S. House of Representatives Ways and Means Committee are soliciting public input on tax priorities as Congress considers the future of various provisions associated with the Tax Cuts and Jobs Act of 2017 (TCJA). Comments are being accepted through 15 October, and more information about the Republican Ways and Means Republican Tax Teams request can be found here.
WERC, in conjunction with other industry associations such as the American Trucking Association (ATA) and International Association of Movers (IAM), will be submitting comments to the Ways and Means Republican Tax Teams on behalf of our industry, but other organizations within the talent mobility industry are also strongly encouraged to submit their own comment letter during the public comment period. A template letter that members can utilize, along with submission instructions, is available for service provider and corporate organizations. All letters must be submitted by 15 October.
2. Join WERC’s Advocacy Day at GWS
As part of GWS 2024 in Washington, D.C., WERC is organizing an Advocacy Day that will bring 50+ talent mobility professionals to Capitol Hill to engage with Congressional offices on issues critical to the industry, including the moving tax expense deduction. These meetings are a critical time to tell House and Senate policymakers about the importance of the moving tax expense deduction, and spots are still available for individuals to attend. Click here to register.
Additionally, organizations can show their support by becoming a sponsor of WERC’s Advocacy Day. Sponsorships are still available, and interested organizations can do so by contacting WERC’s director of sales, Sky Wang.
3. Share With WERC the Corporate and Transferee Impacts
In support of our efforts to reinstate the moving tax expense deduction, we need to hear from members across the industry on the impacts seen by both companies and transferees of the deduction’s suspension since 2017 and the potential benefits of reinstating it. Contact me to share any insights you can provide on these impacts.
The coming months will decide the future of the deduction, and engagement and support from across the industry will be critical for enabling WERC and the talent mobility industry to advocate in support of reinstatement. Don’t miss your chance to be part of this important effort!