NAM leads broad Tax Extenders Coalition to push for action in lame duck
The NAM highlighted the need for Congress to act quickly on the tax extenders by spearheading a November 18 letter to every member of Congress. More than 500 groups representing millions of individuals and businesses of all sizes in every sector of the U.S. economy joined the NAM in urging lawmakers to work together during the lame-duck session to extend seamlessly, enhance or make permanent expired and expiring tax provisions that are critically important to U.S. jobs and the broader economy.
“Failure to extend these provisions is a tax increase” and would “inject instability and uncertainty into the economy and weaken confidence in the employment marketplace,” wrote the signatories, which was widely reported by The Hill, Politico and other influential publications.
At least 50 tax provisions expired at the end of 2013 or are scheduled to expire in 2014, including the R&D tax credit and Section 179 expensing and bonus depreciation provisions. “Renewing the tax extenders will provide a bridge of certainty and predictability for manufacturers until Congress can act on comprehensive tax reform,” said NAM Vice President of Tax and Domestic Economic Policy Dorothy Coleman in a press statement.
To heighten the urgency for Congress to act now, the NAM also hosted a press conference this week with coalition members from manufacturing, farming, small business, startups and nonprofit organizations. Marlin Steel Wire Products LLC President and Owner and NAM Executive Committee member Drew Greenblatt told the 16 reporters on the call: “U.S. factory jobs will grow when manufacturing companies have clarity on our R&D and job productivity equipment. We need this shot of confidence now.”
The coalition also developed a digital ad, “Gridlock or Growth,” for congressional publications. For more information, click here for our Shopfloor blog post and join the discussion on Twitter at#GridlockorGrowth.