Input Stories

 
As 2025’s “Tax Armageddon” approaches, the NAM, as part of its “Manufacturing Wins” campaign, continues to speak with policymakers about preserving the pro-growth tax policies that manufacturers need. This week, Sen. Todd Young (R-IN) gave us his views on the coming expiration of key tax provisions next year.

Tax reform: Sen. Young lauded the tax reform of 2017, saying, “The Tax Cuts and Jobs Act was a great success—millions of Americans, especially those in the middle class, saw their taxes go down.”

• “Corporate tax receipts went up. We stemmed the tide of corporate inversions, and many companies chose to return their operations and tax bases to the United States,” he added.
• However, “If Congress does not act next year to extend provisions of TCJA, we will undo all of these victories and inflict long-lasting damage on our economy.”

R&D: Sen. Young also highlighted his efforts to reinstate immediate expensing of R&D expenditures, a crucial provision for manufacturers that the NAM is also fighting for.

• “For several years now, I have advocated for the American Innovation and Jobs Act (S. 866), my bill with Sen. Maggie Hassan (D-NH) that would restore full and immediate expensing of R&D expenditures.”
• “We first introduced the bill back in 2020 well before the provision expired, and I am disappointed that we are now reaching the end of 2024—nearly three years after the law shifted to amortization of R&D investments—and Congress has yet to pass our bill to fix this crucial issue,” he continued.

The big picture: “As our global competitors, like China, are expanding their R&D incentives, we simply cannot allow our nation and our economy to be left behind,” Sen. Young emphasized.

• “Without growth, our economy suffers and our ability to remain internationally competitive is diminished. This is a massive national security risk,” he warned.

The last word: When asked about his message for NAM member companies, Sen. Young said, “I have always appreciated the NAM’s partnership and advocacy as we work together on these important issues.”

• “I would encourage NAM members to continue sharing stories with their elected federal officials of the importance of these tax incentives, like R&D, that enable the creation of high-quality jobs, promote our national competitiveness and strengthen our economy. Your voice matters.”

Read the full interview here.