U.S. House Lawmakers Support Important Tax Policies, And You Should Too!

On January 11, several members of the U.S. House of Representatives took to the chamber floor to show their support for tax priorities supported by the industrial metals industry.

The lawmakers urged their colleagues to join them in making three immediate tax changes: reinstating immediate research and development (R&D) expensing; loosening a strict interest limitation; and returning to full expensing (also known as 100 percent accelerated depreciation) for capital investments. Specifically:

• Ron Estes (R-Kan.) focused on the need to reverse the harmful R&D amortization requirement, saying that Congress “need[s] to pass R&D immediate expensing for the American people and our U.S. economy.”
• Kevin Hern (R-Okla.) highlighted the harm to U.S. competitiveness caused by Congress’ failure to act, asking, “How can we expect to compete with China when it is more expensive to invest, innovate, and grow here?”
• Jodey Arrington (R-Texas) said Congress can “supercharge” U.S. competitiveness by giving businesses the certainty to plan job-creating investments.

The National Association of Manufacturers (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 full expensing.

As a reminder, last fall, MSCI joined NAM and more than 1,300 other organizations in sending a letter to House and Senate leaders asking them to schedule votes on legislation that would extend these provisions. That letter is available here.