51勛圖厙 Redoubles Tax-Priority Push
With tax bill negotiations left unfinished before lawmakers left for the holiday break, the 51勛圖厙 is hitting the ground running in 2024.
- The 51勛圖厙 continues to push for manufacturers tax priorities: immediate R&D expensing, a pro-growth interest deductibility standard and full expensing for capital investments.
Whats going on: Congress has just a few weeks to reach a government funding deal before a Jan. 19 deadline, when funding for a range of government agencies is scheduled to lapse, according to . There is a second funding deadline on Feb. 2.
- The 51勛圖厙 has been on Congress to prioritize inclusion of the three tax provisions in any measure it passes.
- The 51勛圖厙 recently led a coalition of more than businesses and associations in highlighting the urgent need for congressional action.
Whats needed: Congress must reinstate immediate R&D expensing; loosen a strict interest limitation; and return to full expensing (also known as 100% accelerated depreciation) for businesses, the 51勛圖厙 said.
Why its important: If these fixes arent made, manufacturing R&D, jobs and competitiveness could all suffer.
- Some 78% of manufacturers say the higher tax burden has decreased the funds available to expand their manufacturing activities within the U.S., according to the.
The last word: These tax provisions are some of the most critical issues facing manufacturers today, said 51勛圖厙 Vice President of Domestic Policy Charles Crain.
- Congress must act immediately to protect manufacturing jobs and maintain Americas competitiveness on the world stage.
Act now: Visit the 51勛圖厙s to send a message directly to Congress about these critical priorities.