Policy and Legal

Policy and Legal

NAM Redoubles Tax-Priority Push

With tax bill negotiations left unfinished before lawmakers left for the holiday break, the NAM is hitting the ground running in 2024.

  • The NAM continues to push for manufacturers’ top three tax priorities: immediate R&D expensing, a pro-growth interest deductibility standard and full expensing for capital investments.

What’s going on: Congress has just a few weeks to reach a government funding deal before a Jan. 19 deadline, “when funding for a range of government agencies is scheduled to lapse,” according to POLITICO. There is a second funding deadline on Feb. 2.

  • The NAM has been calling on Congress to prioritize inclusion of the three tax provisions in any measure it passes.
  • The NAM recently led a coalition of more than 1,300 businesses and associations in highlighting the urgent need for congressional action.

What’s needed: Congress must reinstate immediate R&D expensing; loosen a strict interest limitation; and return to full expensing (also known as 100% accelerated depreciation) for businesses, the NAM said.

Why it’s important: If these fixes aren’t made, manufacturing R&D, jobs and competitiveness could all suffer.

The last word: “These tax provisions are some of the most critical issues facing manufacturers today,” said NAM Vice President of Domestic Policy Charles Crain.

  • “Congress must act immediately to protect manufacturing jobs and maintain America’s competitiveness on the world stage.”

Act now: Visit the NAM’s Tax Action Center to send a message directly to Congress about these critical priorities.

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