NAM Launches Effort to Preserve 2017 Tax Reform Provisions for Manufacturers

Manufacturers Launch Campaign to Preserve 2017 Tax Reforms

The National Association of Manufacturers (NAM) has initiated a widespread effort to urge Congress and the administration to take immediate action to safeguard the pro-growth 2017 tax reform provisions that are set to expire at the end of 2025.

According to NAM, the expiration of these provisions could lead to substantial tax increases for manufacturers across the board.

NAM President and CEO Jay Timmons emphasized the crucial impact of the 2017 tax reform, stating that it ignited a resurgence in the manufacturing sector, resulting in record job creation, wage growth, capital investment, and innovation. Timmons warned that failing to extend these provisions could reverse the progress made by the industry and the country as a whole.

Grace Appelbe, the executive director of the Arizona Manufacturers Council, echoed the sentiment, highlighting the importance of preserving the 2017 tax reforms for the state’s manufacturers. She emphasized that Arizona has received national recognition for its pro-manufacturing environment and cannot afford to lose momentum.

Several key provisions are at risk of expiring, including the ability for small businesses to deduct a portion of their business income on personal tax returns, individual tax rate increases, and the phase-out of accelerated depreciation for capital equipment purchases.

In a letter to Congress, NAM’s vice president for domestic policy, Charles Crain, urged swift action to preserve the tax reforms, emphasizing the economic significance of the manufacturing sector in the United States.

Manufacturers are calling on policymakers to act promptly to prevent any tax increases that could hinder the industry’s growth and economic stability. The campaign to preserve the 2017 tax reforms is crucial for maintaining the momentum and success of the manufacturing sector in the United States.