Press Releases

Washington, D.C. – Following the American Investment in Manufacturing (AIM) Act, bipartisan, bicameral legislation that would reinstate the Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) measure for U.S. businesses, National Association of Manufacturers President and CEO Jay Timmons released the following statement:

“America’s leadership in the world and our ability to defend American values depend on a strong and thriving manufacturing industry. The AIM Act will strengthen our ability to make critical investments in machinery and equipment while protecting more than 450,000 American jobs,” said Timmons. “We thank the bipartisan group of House and Senate members who understand that a competitive tax environment is a key driver to ensure that we can continue to grow and invest in manufacturing in America at this critical time.”

Over the past month, both chambers of Congress introduced legislation to 1) restore the immediate deductibility of research and development costs; 2) reverse the new, stricter limit on interest deductibility; and 3) revise the tax code to restore businesses’ ability to take 100% deductions for equipment and machinery purchases in the tax year of purchase.

“While the U.S. tax code is making it harder for manufacturers to grow, other countries are encouraging industrial investment. For example, China is giving manufacturing companies there a 200% deduction for R&D, while the U.S. only offers a fraction of that. The legislation that’s been introduced can help us turn the tables and make it easier for America to out-innovate China,” Timmons added. “So we’re asking Congress and the Biden administration to make passage of these bills a priority so we can build on the successes that we had following tax reform in 2017, when manufacturers were able to keep their promises and invest in their companies and communities across the board.”

Background:

Research and development: On Jan. 1, 2022, a harmful tax change went into effect that makes R&D more expensive in the United States by requiring businesses to deduct their R&D expenses over a period of years.

Read more about the NAM’s work on this provision here.

Interest deductibility: When manufacturers borrow funds to buy capital equipment, the interest they pay on those loans is tax deductible up to a certain limit. But a recent change in the tax law modified how that limit is calculated—shrinking the deduction for companies that invest in long-lived depreciable assets, making debt financing more expensive and  the U.S. an outlier among advanced economies and leaving less capital for job creation and investment.

Read more about the NAM’s work on this provision here.

Full expensing: Under the 2017 tax law, manufacturers were able to deduct 100% of their investments in assets with long, useful lives, supporting their ability to acquire vital equipment and strengthening their competitiveness. However, the ability to deduct 100% of these costs began to phase down at the beginning of 2023 and is set to expire completely in 2027.

See how full expensing has benefited small manufacturers in the United States here.

-NAM-

The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $2.90 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – The National Association of Manufacturers has announced Brandon Farris as its new vice president of energy and resources policy.

“Brandon joins the NAM at a pivotal time in our country and for our industry,” said NAM President and CEO Jay Timmons. “Manufacturers across the United States face regulatory challenges that affect their ability to do what they do best: transform and deploy modern technologies to protect the environment, while creating jobs and strengthening the economy. Commonsense regulatory and permitting reform, along with energy security, are needed now more than ever. Brandon’s experience and expertise will help manufacturers accomplish these critical goals.”

Before joining the NAM, Farris was the head of federal government relations for The Chemours Company, where he played an integral role in securing passage of the AIM Act, designed to phase out refrigerants that contribute to climate change. He worked closely with the NAM to help secure bipartisan ratification of the Kigali Amendment to the Montreal Protocol during the 117th Congress. Along with these and other major legislative accomplishments, he was honored as a 2022 top lobbyist by the National Institute for Lobbying & Ethics.

Previously, Farris served as assistant general counsel for Arkema as well as senior counsel for government relations for the Saudi Basic Industries Corporation. After serving in the Marine Corps Reserve, he began his career in Washington as a Bryce Harlow Foundation Fellow at the George Washington University School of Law while working on the U.S. House Agriculture Committee.

-NAM-

The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $2.81 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, DC – In advance of today’s scheduled vote in the U.S. House of Representatives on H.R. 1, the Lower Energy Costs Act, National Association of Manufacturers President and CEO Jay Timmons released the following statement:

“America’s economy, our institutions and our values are being challenged by threats from around the world, which means now is the time to strengthen our energy security and expand domestic manufacturing—both to reduce our dependence on bad actors and to ensure we can support our allies. This bipartisan action to modernize permitting reform would help us achieve these goals by speeding up critical energy, infrastructure and manufacturing investments while we continue our commitment to environmental stewardship,” said Timmons. “I am in Europe right now, witnessing firsthand the consequences of being overly reliant on a country like Russia for energy. In the 21st century, there’s no excuse for letting job-creating projects languish for years to get bureaucratic approval. The Lower Energy Costs Act will bolster manufacturers’ competitiveness in America while also bringing relief to American families and businesses. We thank Speaker McCarthy, Majority Leader Scalise and Majority Whip Emmer for designating this bill as their top priority and for their focus on ensuring our industry can continue providing the leadership our country and our world need.”

Background: In the NAM’s latest Manufacturers’ Outlook Survey, more than 74% of respondents said that permitting reform—which would simplify and speed up the approval process for new projects—would be helpful to their manufacturing company, allowing them to hire more workers, expand their business or increase wages and benefits.

-NAM-

The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $2.81 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org

Washington, D.C. – Following the National Association of Manufacturers comment submission to the Environmental Protection Agency on its proposed rule to impose more stringent National Ambient Air Quality Standards for Particulate Matter 2.5., NAM Director of Energy and Resources Policy Chris Morris released the following statement:

“Improving air quality in the U.S. is a key priority for manufacturers, which is why they have invested heavily in new processes and technologies that have made manufacturing cleaner and more sustainable than ever. These efforts have contributed to the U.S. successfully achieving some of the lowest levels of exposure to PM 2.5 globally, including lower PM 2.5 levels than France, Germany, Japan and the U.K.

“The EPA’s proposal would significantly increase the number of industrial centers and population hubs in nonattainment areas. That could halt new investment, stop operations in some circumstances and cost jobs.

“Significantly, the NAM’s Outlook Survey for the first quarter of 2023 found that more than 55 percent of manufacturers anticipate the new standard would raise their cost of compliance, and one out of three manufacturers anticipate that the new standards would lead to increased permitting challenges and restrict investment and facility expansion plans.

“The NAM urges EPA to maintain the existing standard as its proposal will hinder domestic manufacturing growth, does not adequately assess the economic and job consequences or identify feasible steps to achieve attainment with new standards.”

-NAM-

The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $2.81 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

London, U.K. – As the National Association of Manufacturers’ Competing to Win Tour begins its second week of bolstering strategic alliances across Europe, the association released findings from its Q1 2023 Manufacturers’ Outlook Survey. The survey found that expanding trading opportunities with Europe is a top priority for manufacturers, with more than 77% of respondents supporting negotiating new agreements with European nations.

“At a time when democracy and free enterprise are under attack from forces around the world, America can provide the leadership needed to defend our values, our institutions and our way of life,” said NAM President and CEO Jay Timmons. “By advancing an ambitious trade agreement agenda, we can ensure that the U.S.—and not competitors like China—writes the rules for the global economy and trading system. That has been the focus of our conversations with government, association and business leaders across Europe over the past week.”

The survey also continues to illustrate the need for Washington to enact policies that support the sector’s competitiveness as businesses face record job openings and increased production and input costs.

“With geopolitical turmoil and a banking crisis injecting further uncertainty into the economy, policymakers must act with urgency on key tax, trade, permitting and regulatory proposals if they want to help manufacturers in America fend off a recession,” said Timmons.

Background: Manufacturers have called on Congress and the White House to address key tax, trade, and permitting policies in recent months and have pressed lawmakers to work across the aisle to move legislation. The NAM conducted the survey from Feb. 21 to March 7, 2023.

Key Findings:

• Of companies that are engaged in international trade, nearly two-thirds of manufacturers said that Europe was either a somewhat or very important market for their company. With that in mind, 77.7% would support U.S. efforts to launch market-opening trade agreement negotiations with countries in Europe.
• Nearly three-quarters of respondents (74.9%) listed attracting and retaining a quality workforce as a primary business challenge, with increased raw material prices (60.1%) and supply chain challenges (55.8%) the next biggest impediments.
• More than 90% of respondents said that higher tax burdens on manufacturing income would make it difficult for their companies to expand their workforce, invest in new equipment or expand their facilities. Similarly, 93.9% suggest that increased regulatory burdens would weaken their ability to invest in their workers, equipment or facilities.
• More than 74% of respondents said that permitting reform—which would simplify and speed up the approval process for new projects—would be helpful to their manufacturing company, allowing them to hire more workers, expand their business or increase wages and benefits.
• More than 55% of respondents said that new proposed air standards from the Environmental Protection Agency would raise their costs of compliance, with roughly one-third suggesting that it would lead to increased permitting challenges and lessen investment and facility expansion plans.

Conducted by NAM Chief Economist Chad Moutray, the Manufacturers’ Outlook Survey has surveyed the association’s membership of 14,000 manufacturers of all sizes on a quarterly basis for the past 25 years to gain insight into their economic outlook, hiring and investment decisions and business concerns.

The NAM releases these results to the public each quarter. Further information on the survey is available here.

-NAM-

The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $2.81 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. and Ottawa, Canada – The following is a joint statement from National Association of Manufacturers President and CEO Jay Timmons and Canadian Manufacturers & Exporters President and CEO Dennis Darby on the occasion of the first official visit of U.S. President Joe Biden to Canada:

“The historic ties between Canada and the United States have created one of the strongest bilateral partnerships of any two countries in the world. As neighbors, friends and as manufacturers, we have always worked together to support our industry and the millions of jobs it provides.

“President Biden’s visit to Canada is an opportunity for our two countries to rededicate ourselves to deepening these ties, to redoubling our efforts to grow North American manufacturing and to taking full advantage of the United States–Mexico–Canada Agreement.

“To achieve these goals, we must support regional integration, supply chain resilience and sustained economic growth, innovation and jobs. We must also continue to coordinate our efforts to address climate change, develop critical minerals and drive the clean energy transition, while also ensuring that manufacturers across our region have access to all forms of energy.

“As world events make abundantly clear, strengthening economic and strategic alliances between democracies is essential to our future and to countering those that want to undermine our way of life. At every opportunity, we must strengthen democracy and the free enterprise system in our countries and around the world.

“We must take on all these challenges, together, so that the manufacturing industry can continue to lead our economies forward and drive our countries’ continuing prosperity. As our history has proven time and again, when we work together, we accomplish big things and improve the quality of life for all.”

-NAM-

The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $2.81 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

-CANADIAN MANUFACTURERS & EXPORTERS (CME)-

From the first industrial boom in Canada, CME has advocated for and represented member interests. 150 years strong, CME has earned an extensive and effective track record of working for and with 2,500 leading companies nationwide. More than 85 per cent of CME’s members are SMEs and collectively account for an estimated 82 per cent of total manufacturing production and 90 per cent of Canada’s exports.

Washington, D.C. – Following the introduction of the American Innovation and Jobs Act by Sens. Maggie Hassan (D-NH) and Todd Young (R-IN), National Association of Manufacturers Managing Vice President of Tax and Domestic Economic Policy Chris Netram released the following statement:

“Manufacturers are hiring workers, investing in communities across the United States and creating the products, materials and processes that drive America forward. Manufacturers applaud the introduction of the bipartisan American Innovation and Jobs Act, which restores full deductions for research, helping the American industry out-compete China, which provides a 200% super deduction for manufacturers’ research—20 times the amount in the U.S. tax code,” said Netram. “Manufacturers, the vast majority of which are quite small, perform 55% of private-sector research and development. These investments in innovation spur economic growth and support the creation of high-paying jobs across the country. Congress should approve the American Innovation and Jobs Act quickly to support critical research that allows manufacturers to improve lives in America and for people around the world.”

Background: As of 2022, manufacturers can no longer immediately deduct their R&D expenses in the year in which they are incurred. Instead, manufacturers must deduct or amortize their expenses over a number of years, which makes R&D much more expensive to undertake. The American Innovation and Jobs Act would restore the immediate deductibility of R&D expenses, a policy that was in place for nearly 70 years. In the 117th Congress, the American Innovation and Jobs Act garnered 35 cosponsors: 17 Democrats and 18 Republicans. A recent analysis released by the NAM finds that the industry would lose 59,392 jobs and face a decline in output of $31.69 billion this year if Congress does not act.

-NAM-

The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $2.81 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – National Association of Manufacturers President and CEO Jay Timmons released the following statement on President Biden’s fiscal 2024 budget plan:

“There is no escaping the fact that the tax increases in President Biden’s new budget proposal would reverse the recent significant growth we’ve achieved in American manufacturing jobs and investment.

“After the 2017 tax reform made rates more competitive, manufacturers kept their promises to raise wages and invest in their communities. In fact, 2018 was the best year for manufacturing job creation in the previous 21 years. And in the past two years, as we rebuilt from the pandemic, we’ve created more jobs in the sector than at any point since the Reagan administration. So it comes as a surprise that President Biden, who has vocally championed manufacturing growth in pushing successfully for infrastructure investment and the CHIPS and Science Act, wants to pursue policies that would undo our progress.

“We have to get serious about competing with China; the president’s budget does the opposite. This proposal further undermines manufacturing in America by failing to reverse tax policies that make it more difficult for our industry to perform research, while China currently employs a 200% super deduction on R&D for manufacturing. It’s also now more expensive to buy critical machinery and finance new investments. If these lapsed deductions aren’t reinstated, it will mean lost jobs, less innovation and fewer opportunities for our communities.

“As manufacturers work to lead our economy forward, we also remain committed to lowering health care costs through market-based solutions that deliver choice and flexibility. Unfortunately, this administration’s insistence on imposing drug pricing requirements is an abdication of free market principles that poses serious risks to the development of new treatments and therapies—the very type of innovation that saves lives in America and around the world.

“Manufacturers are committed to growing investment, jobs and wages here in America. We need our government leaders to share that commitment.”

Background: Read more about how these critical tax priorities impact manufacturers across the country here.

-NAM-

The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $2.81 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Boca Raton, FL – This morning, Ukrainian President Volodymyr Zelenskyy delivered remarks to the National Association of Manufacturers Board of Directors.

To view the address and a transcript of the remarks, click HERE.

Key Excerpts:

Voldodymyr Zelenskyy, President of Ukraine:

But what will our joint victory mean? This is not a purely ideological battle. Yes, we will prove that democracy is stronger than tyranny. When Russia loses, we will prove that terrorist states cannot overcome the power of a united democratic world.

…..

The American business [community] has every opportunity to take on leadership positions both in the reconstruction of the Ukrainian economy and infrastructure, and in demonstrating to the world that human nature should serve worthy goals and that it produces, and will always produce, the best result.

……

All these are not just investment opportunities, not just industries and not just growth. This is a wide space for victories—your victories, American business. And I urge you to prepare for these victories now, to come to Ukraine now so that by the time we restore peace, your hard work has already yielded results. And I believe that it will be soon. Thank you for your attention. I invite all of you to Ukraine. Glory to our brave soldiers. Glory to Ukraine.

Jay Timmons, President and CEO, National Association of Manufacturers:

Ukraine’s fight is our fight because this is far more than a war between two countries. It is a battle between freedom and tyranny. So America, and the American business community, stands with Ukraine today, tomorrow, through the end of the war and as Ukrainians rebuild their country after Russia is defeated.

….

We reaffirm our support for the “sanctions implemented against Russia” and for Ukraine’s “fight to preserve freedom and independence.” And we reaffirm our “commitment … to safeguarding democracy and democratic institutions not only here at home, but also abroad.”

…..

Manufacturers in America will continue to stand with Ukraine, and we will be there after Russia is defeated so that we can help you and your people build a stronger nation forever rooted in our shared democratic values.

BACKGROUND: The NAM has been an active and vocal supporter of Ukraine’s fight to defend democracy. More information on these efforts can be found below:

• NAM State of Manufacturing address, opening comments on Russia’s brutal invasion of Ukraine (Feb. 21, 2023)
• Timmons: Biden’s Visit Shows the World That the U.S. Stands with the Ukrainian People (Feb. 20, 2023)
• Manufacturers Support Aid for Eastern Europe (Jan. 26, 2023)
• Manufacturers in the U.S. Stand with Ukraine, Memorandum of Understanding between the NAM and the Ukrainian League of Industrialists and Entrepreneurs (Jan. 25 2023)
• Manufacturers Lead with Their Hearts in Ukraine Aid (March 23, 2022)
• Manufacturers United in Support of Ukrainian People, NAM Board of Directors’ unanimous resolution denouncing Russia’s aggression (March 8, 2022)

-NAM-

The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $2.81 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Boca Raton, FL—The National Association of Manufacturers today honored NAM board member and Snap-on Chairman and CEO Nick Pinchuk with the Manufacturing Icon Award during the NAM’s spring board meeting in Boca Raton, Florida. The award recognizes leaders who inspire Americans to promote, perpetuate and preserve manufacturing in America.

“Across the industry and across the business community, executives and employees alike look up to Nick Pinchuk. His storied career is a source of inspiration, and he is a wealth of knowledge, a wise counselor and a tireless advocate for the rewarding careers found in modern manufacturing. He has been a tremendous supporter of the NAM and the Manufacturing Institute’s Creators Wanted campaign to build the manufacturing workforce of today and tomorrow, and his policy advocacy on behalf of the industry is best-in-class,” said NAM President and CEO Jay Timmons.

“His presence on television and in the public eye as a principled manufacturing leader, as well as his unwavering service to the NAM and to our industry, makes Nick a true model for business leaders in America. In whatever he does, he demonstrates an unshakeable commitment to the values that have made our country exceptional and keep manufacturing strong: free enterprise, competitiveness, individual liberty and equal opportunity. We’re honored to present this award to Nick in recognition of his outstanding leadership.”

Pinchuk serves on the NAM Executive Committee as the NAM tax, domestic economic and regulatory reform policy vice chair and on the board of directors of the Manufacturing Institute, the workforce development and education partner of the NAM.

-NAM-

The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 13 million men and women, contributes $2.81 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.