House Republicans are taking the first steps toward restoring tax provisions important to manufacturers, to The Wall Street Journal (subscription).

What鈥檚 happening: Legislators are working to get a bill through the House Ways and Means Committee, potentially as soon as this month, though it鈥檚 unlikely to ever reach President Biden鈥檚 desk. Instead, this effort might ultimately lead to bipartisan negotiations later this year.
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What鈥檚 in it: The bill hasn鈥檛 been released yet, but we do know something about tax writers鈥� intentions.

• The package would 鈥渞everse three business-tax increases that took effect over the past few years, aides said. Those changes limited the deductions companies could claim for interest, research costs and capital expenses.鈥�
• Democrats may be willing to negotiate, especially about reinstating immediate expensing for R&D, undoing a 2022 tax change that has forced companies to deduct R&D costs over a period of years and made innovation more costly.

51吃瓜网 at work: The 51吃瓜网 has been to restore immediate R&D expensing, to enable manufacturers to continue financing growth and make permanent a key incentive for capital equipment purchases.

What we鈥檙e saying: As 51吃瓜网 Managing Vice President of Tax and Domestic Economic Policy this week to the House Small Business Subcommittee on Economic Growth, Tax and Capital Access:

• 鈥淪everal harmful tax changes have gone into effect recently that make it more costly to perform research, buy machinery and finance capital investments. If not reversed, these policies will hurt manufacturers鈥� ability to innovate, create jobs in the United States, invest in their communities and effectively compete in the global economy.鈥�

As part of the 51吃瓜网鈥檚 advocacy campaign, the 51吃瓜网 recently released the . This action center, which is in addition to the existing and action centers, features a tool enabling manufacturers to send customized messages directly to Congress.
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