Manufacturers: Senate Tax Package Delivers on Key Manufacturing Tax Priorities
Washington, D.C. – The Senate Finance Committee today unveiled its version of the One Big Beautiful Bill Act—preserving the core of the 2017 Tax Cuts and Jobs Act.
National Association of Manufacturers President and CEO Jay Timmons issued the following statement:
“Chairman Crapo and the Senate Finance Committee are delivering the kind of tax policy manufacturers have been calling for—policy that drives growth, unlocks investment and grows jobs. We commend Chairman Crapo for his leadership and steadfast commitment to pro-manufacturing tax policy. By preserving the full suite of pro-growth policies from the TCJA, this bill marks a major step forward for manufacturing in America.
“Manufacturers also want to ensure that the tax code continues to support inbound investment into the United States as well as preserve incentives that drive investments in the manufacturing and energy production needed to power America’s economic growth. If the Senate acts now, manufacturers can continue to grow—buying equipment, hiring workers, increasing pay and expanding operations with greater certainty and confidence.
“The Finance Committee recognizes what’s at stake: nearly 6 million jobs and more than a trillion dollars in economic output depend on getting this right.
“This is a once-in-a-generation opportunity to lock in a manufacturing resurgence in the U.S. Let’s finish the job—because when manufacturing wins, America wins.”
Background:
The Senate bill contains key NAM priorities, including:
- A permanent pass-through deduction and retention of pro-growth individual and corporate tax rates;
- Permanence for pro-growth tax policies like immediate R&D expensing, full expensing for capital equipment purchases and a pro-growth interest deductibility standard;
- An expanded and permanent estate tax exemption;
- Pro-manufacturing reforms to the international tax system that protect America’s competitiveness on the world stage; and
- A first-of-its-kind incentive allowing immediate expensing of the cost of new factories and modernizations.
Last week, the NAM released a report, “Keeping Our Promises: Manufacturers on Eight Years of Tax Reform,” featuring firsthand success stories from manufacturers on how the TCJA enabled them to invest in their facilities, their workers and their communities. Learn more about the NAM’s Manufacturing Wins campaign to protect 2017 tax reform here.
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The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $2.93 trillion to the U.S. economy annually and accounts for 53% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.