AIM joins the NAM in requesting federal refundability of tax credits
June 25, 2020 - Associated Industries of Missouri (AIM) signed a letter drafted by the National Association of Manufacturers (NAM) to leadership of the U.S. Senate Finance Committee and U.S. House Ways and Means Committee today. The letter asked them to consider making business tax credits refundable as a way to help companies as they begin reopening and rehiring workers.
The letter points out current law can prevent companies from utilizing tax credits to which they are entitled if they do not have enough tax liability to fully use the credits. As a result, the credits are not able to be used at the time when they could help the businesses overcome the economic downturn and successfully reopen and rehire workers.
"We are not asking for additional credits for businesses in this letter," said Ray McCarty, president and CEO of Associated Industries of Missouri. "We are simply asking the existing tax credits, for which employers are already eligible, be made refundable so they may provide much needed capital at this critical time," he said.
The letter was signed by more than 100 organizations and sent to Senate Finance Committee Chairman Chuck Grassley, Senate Finance Ranking Member Ron Wyden, Chairman of the House Ways and Means Committee Richard Neal and House Ways and Means Ranking Member Kevin Brady.