On Thursday, members of Congress took to the House floor to show their strong support for manufacturers’ top tax priorities.
- The NAM is waging an all-out campaign to restore these pro-growth provisions, and key House members added their voices by calling on congressional leadership to schedule a vote as soon as possible.
What’s going on: Yesterday evening, a group of House members lined up for short speeches urging their peers in the chamber to join them in making three immediate tax changes: reinstating immediate R&D expensing; loosening a strict interest limitation; and returning to full expensing (also known as 100% accelerated depreciation) for capital investments.
- Kevin Hern (R-OK) highlighted the harm to America’s competitiveness caused by Congress’ failure to act, asking, “How can we expect to compete with China when it is more expensive to invest, innovate and grow here in the United States of America?”
- Jodey Arrington (R-TX) echoed that message, saying Congress can “supercharge America’s competitiveness” by giving businesses the certainty to plan job-creating investments.
Why it’s important: Without the restoration of immediate R&D expensing, a pro-growth interest deductibility standard and full expensing for capital investments, manufacturing jobs, R&D and competitiveness will all be in jeopardy.
- In the NAM’s Q4 2023 Manufacturers’ Outlook Survey, 89% of respondents said higher tax burdens on manufacturing activities would make it more difficult to expand their workforces, invest in new equipment or expand their facilities.
Take action: Manufacturers’ voices are crucial during the ongoing negotiations. Visit our Tax Action Center to send your own message about these tax priorities directly to Congress.