• Extension of Interview Waivers for Visa Applicants
• Bonus Depreciation, Tax Package
NTRA Newsletter
WASHINGTON, D.C.—Welcome to NTRA’s What’s Racing Through Washington newsletter, your one-stop source for all things Thoroughbred racing in Washington, D.C. As we gear up for winter, Congress has a long to-do list in 2024 which could significantly influence our industry. We hope you’ll find the newsletter informative, and we eagerly anticipate further discussions with you on matters affecting the Thoroughbred industry.
NTRA Appeals to State Department and Department of Homeland Security for Extension of Interview Waivers for Visa Applicants
On November 17, 2023, NTRA joined over 60 other stakeholders in encouraging the Department of State (DOS) and the Department of Homeland Security (DHS) to extend the interview waiver authorities set to expire on December 31, 2023. These authorities allow consular officers to waive in-person interviews for low-risk nonimmigrant visa applicants, reducing wait times and facilitating efficiency. The expiration of these waivers could reverse progress made in reducing visa wait times, causing challenges for businesses, universities, and families. The average wait time for a U.S. consulate visitor visa appointment is currently 25 weeks, with some exceeding two years, leading to significant economic losses for American businesses. Critically, the letter contends that interview waivers do not compromise national security objectives, as they target low-risk applicants with existing biometric information. The waiver criteria exclude individuals with security concerns, ensuring that safety measures are maintained. The letter estimates that 30 percent of nonimmigrant visa applicants could be eligible for interview waivers, and the sudden expiration of these authorities in 2024 would overwhelm consulates, slowing down visa processing and other consular services.
Read the full letter HERE.
2024 Sees Bonus Depreciation Scaling Back to 60%, Yet Momentum Builds for Tax Package
With lawmakers adjourning until January, hopes of securing a tax package before the end of the year have been squashed. Nonetheless, the sentiment on Capitol Hill is very optimistic that there is a willingness to reach an agreement on a tax package early in 2024. House GOP tax writers, eager to renew business tax breaks, sought support from House Speaker Mike Johnson (R-LA) as they navigate fiscal 2024 spending bills. Members of the Ways and Means Committee sent a letter to Johnson stressing the importance of reviving full research and development expensing, more robust interest expense deductions, and full bonus depreciation.
The letter conveyed the committee’s commitment to collaborating with Johnson and the Republican Conference to advance these critical provisions for economic growth. Lawmakers are currently negotiating a deal that combines business credits with enhanced child tax credit provisions. Democrats express a willingness to extend business breaks, provided there is parity with the Child Tax Credit (CTC). While lawmakers urged Johnson to consider advancing these priorities before the year’s end, the omnibus spending bills, which tax legislation might be attached to, are not expected to be addressed until next month at the earliest. The existing legislation funds certain government functions through Jan. 19 and others through Feb. 2.
The letter garnered the signatures of most GOP members of the Ways and Means Committee, excluding Chair Jason Smith (R-MO). This message was sent to Johnson before nearly 150 House GOP lawmakers added their signatures to a similar letter dated Nov. 29. 100% bonus depreciation has been a key economic driver for the equine industry since its enactment in the Tax Cuts and Jobs Act of 2017. With it phasing down to 60% in 2024, NTRA encourages members to consult their tax advisors on how best to utilize this incentive prior to year-end. However, NTRA remains engaged and hopeful that bonus depreciation will be revived to 100% sometime in the first quarter of 2024.
