MSCI Signs Letter Urging Congress To Vote On Tax Deal

While U.S. Senate Finance Chair Ron Wyden (D-Ore.) and U.S. House Ways and Means Committee Chair Jason Smith (R-Mo.) were hoping to quickly move forward on the bipartisan tax deal they reached earlier this month, some Senate Republican leaders have indicated they prefer a slower approach. That process would include a full committee review of the proposed legislation that could take several months.

While the Senate works out its schedule, the Metals Service Center Institute (MSCI) and other trade associations have continued to advocate for swift action on this proposal. Indeed, last week with the National Association of Manufacturers and more than 250 other trade associations, MSCI sent a letter to U.S. House and Senate leaders asking them to schedule a vote on the bill.

The letter, available here and featured here by the Ways and Means Committee, argued, “Now is the time for Congress to prioritize U.S. innovation, manufacturing and economic growth, particularly as strategic competitors like China are offering ever more generous incentives. Congress must act to protect the thousands of small and medium businesses, hundreds of thousands of family-supporting jobs and billions of dollars of pro-growth investments supported by these provisions.”

As a reminder, the $78 billion Tax Relief for American Families and Workers Act would restore immediate research and development (R&D) expensing, return the United States to a pro-growth interest deductibility standard, and reinstate full expensing — also known as 100 percent accelerated depreciation — for businesses’ capital investments. The framework also includes tax relief for victims of natural disasters and $33 billion to partially extend a child tax credit expansion from 2021.

MSCI asks that industrial metals industry leaders and employees continue to call their members of Congress and their U.S. senators to ask that they support the legislation. NAM is operating online action centers that provide information about each of these tax policies. The portals also allow individuals to send letters to U.S. lawmakers asking them to approve these important priorities. Click here to learn more about the R&D tax credit, here for interest deductibility, and here for full expensing.