Jay Timmons, President and CEO of the National Association of Manufacturers (NAM), and Courtney Silver, Chair of NAM Small and Medium Manufacturers Group, have expressed their appreciation to House Speaker Mike Johnson and Ways and Means Committee Chairman Jason Smith for their efforts in ensuring the passage of the Tax Relief for American Families and Workers Act in the House. They further urged the Senate to expedite the passage of this legislation.

"We cannot afford to wait. The cost of delay or inaction will be measured in lost jobs and slower wage growth, along with investment ceded to other countries," said Timmons in a joint statement. "Passing this legislation, however, will ensure that small manufacturers, who are the backbone of communities and foundation of America’s supply chain, can continue driving our nation forward."

According to a press release from the Ways and Means Committee, the legislation passed in the House on January 31 restores $600 billion of pro-growth, pro-worker tax policy from the 2017 Trump tax cuts. This includes R&D expensing, interest deductibility, and immediate expensing. The law also expands upon the Child Tax Credit under Trump’s tax law to provide relief to families grappling with inflation—with prices having risen by 17% since President Joe Biden assumed office. Other provisions include reducing bureaucracy for job creators, providing tax relief for families affected by disasters, and ending a corrupt COVID-era program.

"This isn’t just about numbers on financial statements; it’s about taking care of people who make things in America and work at small manufacturing companies across our country," Silver stated.

"Manufacturers are now counting on the Senate to act quickly to restore these provisions that are absolutely critical to strengthening America’s competitiveness and growth of manufacturing in America," Timmons concluded.