The National Association of Manufacturers on Tuesday called on lawmakers to immediately address critical tax provisions that were left out of the 2023 Omnibus spending package, highlighting the negative impact to small manufacturers and their workers.
“Congress’ failure to reverse tax policies that make it more costly to perform research, buy machinery and finance job-creating investments has put hundreds of thousands of American jobs and manufacturing competitiveness at risk. Despite overwhelming support for addressing these issues, Congress’ inaction will now undercut small manufacturers’ ability to invest in their workers, facilities and communities,” said NAM President and CEO Jay Timmons, in a statement.
Courtney Silver, president and owner of Ketchie, a machine shop in Concord, North Carolina, and the incoming chair of the NAM Small and Medium Manufacturers Group, recently highlighted that congressional action on these tax priorities will help prevent small manufacturers from feeling "stuck between a rock and a hard place."
"It’s very important that we take action on expanding and locking in that pass-through deduction, increasing those incentives around R&D and protecting those provisions around full expensing and interest deductibility,” said Silver.
“Although the appropriations package included important manufacturing priorities, including the INFORM Consumers Act, with its protections for consumers against counterfeit goods, and the Electoral Count Reform Act, which supports a clear and secure democratic process, pro-competitiveness tax policy changes would have made a big difference for businesses of all sizes across our industry,” continued Timmons. “As the next Congress convenes, we urge lawmakers to prioritize these policies, and we will continue to work with manufacturing champions from both parties to provide tax certainty to the nearly 13 million people who work in manufacturing today.”
