NAM (CONT’D FROM PAGE 12)
To preserve a pro-manufacturing, pro-growth tax code, the House reconciliation bill approved today would: • Increase the pass-through deduction for small and me- dium-sized manufacturers and make this important de- duction permanent, freeing up capital for businesses to invest and create jobs; • Make permanent the competitive individual tax rates established by tax reform, benefiting the 96 percent of manufacturers organized as pass-throughs that pay tax at these rates; • Increase and make permanent tax reform’s estate tax exemption, protecting more family-owned manufactur- ers’ assets from the estate tax; • Reinstate immediate R&D expensing, reducing the costs of ground-breaking research and supporting in- novation across our sector; • Revive full expensing for capital equipment purchases, enabling manufacturers to purchase new machinery and expand their shop floors; • Restore a pro-growth interest deductibility standard, enhancing manufacturers’ ability to pursue job-creat- ing projects; • Create an incentive for manufacturers’ investments in new and refurbished facilities, supporting factory con- struction here in the US; • Preserve tax reform’s international tax system by mak- ing the FDII, GILTI and BEAT regimes permanent, en-
House Delivers—Senate Must Seal the Deal Following House passage of H.R.1, the “One Big Beauti- ful Bill Act,” Timmons issued the following statement: “Today’s House passage of this historic legislation marks a major victory for manufacturers across America. This pro-growth legislation preserves crucial tax policies that will enable manufacturers to create jobs, invest in their communities, grow here at home and compete glob- ally. In short, this is a manufacturers’ bill. “Manufacturers commend House Speaker Mike John- son, House Majority Leader Steve Scalise, House Ways and Means Committee Chairman Jason Smith and the House for advancing this critical legislation, and we urge the Senate to act swiftly to build on this momentum. “The stakes are high: preserving tax reform will prevent the loss of 6 million jobs and avoid a $1 trillion hit to the economy. Manufacturers urge the Senate to maintain the pro-manufacturing policies in the House bill while continu- ing to work with manufacturers to ensure the final package is maximally effective at supporting manufacturing invest- ment here in the U.S. “This is a pivotal moment. It’s time to double down on policies that encourage manufacturers to invest and cre- ate jobs in America and keep our industry strong and our nation competitive on the world stage—because when manufacturing wins, America wins.”
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