The NAM is calling on policymakers to provide much-needed tax fixes that were not included in the omnibus spending package. These include reversing a tax change that would make R&D much more expensive for manufacturers, hampering their ability to invest and grow.
What we’re saying: “Congress’ failure to reverse tax policies that make it more costly to perform research, buy machinery and finance job-creating investments has put hundreds of thousands of American jobs and manufacturing competitiveness at risk,” said NAM President and CEO Jay Timmons in a statement.
- “Despite overwhelming support for addressing these issues, Congress’ inaction will now undercut small manufacturers’ ability to invest in their workers, facilities and communities.”
Small manufacturers at risk: Ketchie President and Owner and Incoming Chair of the NAM Small and Medium Manufacturers Group Courtney Silver recently highlighted that congressional action on these tax priorities will help prevent small manufacturers from feeling “stuck between a rock and a hard place.”
Not 100% bad news: Timmons noted that “the appropriations package included important manufacturing priorities, including the INFORM Consumers Act, with its protections for consumers against counterfeit goods, and the Electoral Count Reform Act, which supports a clear and secure democratic process.”
- However, he stressed that “pro-competitiveness tax policy changes would have made a big difference for businesses of all sizes across our industry.”
More manufacturers speaking out: Over the past few months, many manufacturers have told policymakers, both directly and through the media, how much the current tax policies will damage their businesses. Catch up on a few stories below:
- Miltec UV revealed that the R&D tax provision would hamper significantly its development of a new technology used in lithium-ion batteries.
- Vermeer Corporation is worried that this provision would restrict its ability to innovate.
- Brewer Science warned that the taxes might make it harder for the company to stay competitive in the fast-paced semiconductor industry.
Get involved: To join these companies and many others calling on policymakers to rethink these tax provisions, visit the NAM’s R&D Action Center for an opportunity to engage directly with your members of Congress.