News & Insights

NAM: Rep. Miller, H.R. 1 has been signed into law, preserving the 21% corporate tax rate established by the 2017 Tax Cuts and Jobs Act. As the leader of the House Ways and Means Supply Chain Tax Team leading up to the bill’s passage, what does preserving this rate on a permanent basis mean for manufacturers’ ability to invest in American supply chains and compete globally?

Rep. Miller: Tax certainty is essential to maintaining the United States’ position as a global leader in manufacturing. The Working Families Tax Cuts will deliver meaningful relief to American manufacturers, driving the development of new facilities, the creation of jobs and increased investment across the country. The Ways and Means Supply Chain Tax Team focused on advancing pro-growth policies to fuel long-term economic prosperity. Key provisions in the legislation—including permanent research and development expensing, full immediate expensing, a strengthened interest deduction and a 100% factory construction deduction—provide businesses with the certainty and incentives needed to plan, invest and compete globally.

NAM: With the 21% corporate rate now secured through H.R. 1, U.S. manufacturers have a more competitive tax foundation than they did even a year ago. But the global tax landscape continues to shift, with major trading partners and competitors making their own adjustments to attract investment and manufacturing activity. From your vantage point leading the Supply Chain Tax Team, how has that preservation of the 21% corporate rate bolstered the United States’ position in promoting and attracting investment?

Rep. Miller: The preservation of the 21% corporate rate is critical in promoting American manufacturing because companies can invest in expanding infrastructure, purchase new equipment and increase workforce without tax liability uncertainty. The Working Families Tax Cuts compounded with bonus depreciation and immediate research expensing have proved to be effective for the industry, and we will continue to advocate for pro-growth policy, which leads to new markets and more opportunities.

NAM: Your Supply Chain Tax Team has traveled the country meeting with manufacturers since the TCJA was enacted. Now that H.R. 1 is law, what are businesses in your district or on your tax team’s radar telling you about specific investments or hiring decisions they are making or accelerating because the 21% corporate rate is no longer at risk?

Rep. Miller: The real-world impact of the Working Families Tax Cuts has been clear and meaningful, reinforcing the need for stable, pro-growth tax policy to help American manufacturers succeed. In my home district, we’ve seen these policies translate into new factories, new jobs and expanded opportunities. Companies like Conn-Weld Industries and Ferroglobe have used this tax relief to invest in their operations, grow their businesses and strengthen the local economy.

NAM: Thank you for your leadership in protecting manufacturers through H.R. 1. What should NAM members be doing now to help communicate the benefits of the 21% corporate rate and to support continued pro-manufacturing tax policy?

Rep. Miller: NAM members should share their stories and voice their support for the Working Families Tax Cuts and communicate the real-world impact this legislation has on the country, their business and the employees and their families who benefit. Manufacturers are at the core of our economy and need a predictable and pro-growth tax code.