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The Senate on Thursday rejected a bipartisan tax package that would have reinstated three expired, manufacturing-critical tax policies (The New York Times, subscription). The NAM will continue its efforts to revive the provisions.

What’s going on: The Tax Relief for American Families and Workers Act failed 48–44 in a procedural vote, 12 votes shy of the 60 required for the bill to advance in the Senate.

• The measure would have restored immediate expensing for research and development costs, enhanced interest deductibility and 100% accelerated depreciation for capital equipment purchases.

Not giving up: The NAM is already at work on its 2025 tax campaign, Manufacturing Wins, through which manufacturers will continue the fight to restore these expired provisions.

• These policies began phasing down in 2022 and 2023, but even more devastating tax increases are scheduled for the end of 2025.
• Manufacturers have already been meeting with legislators to explain the importance of preserving the 2017 tax reform in its entirety—including vital provisions such as the corporate tax rate, the pass-through deduction and more.

What’s next: “Manufacturers look forward to working with Congress to restore these vital bipartisan provisions and prevent further tax increases on manufacturers as we enter the critical tax conversations of 2025,” the NAM said following the Senate vote.