Following the House's approval of H.R.1, known as the "One Big Beautiful Bill Act," Jay Timmons, President and CEO of the National Association of Manufacturers, released a statement highlighting the significance of this legislative move for manufacturers in the United States.
"Today’s House passage of this historic legislation marks a major victory for manufacturers across America," Timmons said. He emphasized that the bill supports crucial tax policies aimed at job creation, community investment, and global competitiveness for manufacturers. "In short, this is a manufacturers’ bill."
Timmons commended several key figures in the House for their roles in advancing the legislation: "Manufacturers commend House Speaker Mike Johnson, House Majority Leader Steve Scalise, House Ways and Means Committee Chairman Jason Smith and the House for advancing this critical legislation." He urged swift action from the Senate to continue this momentum.
He outlined the stakes involved: "The stakes are high: preserving tax reform will prevent the loss of 6 million jobs and avoid a $1 trillion hit to the economy." Timmons called on the Senate to maintain pro-manufacturing policies while collaborating with manufacturers to ensure effective support for U.S. manufacturing investment.
"This is a pivotal moment," he said. "It’s time to double down on policies that encourage manufacturers to invest and create jobs in America and keep our industry strong and our nation competitive on the world stage—because when manufacturing wins, America wins."
The approved House reconciliation bill includes measures such as increasing pass-through deductions for small and medium-sized manufacturers, making individual tax rates permanent, reinstating immediate R&D expensing, reviving full expensing for capital equipment purchases, restoring interest deductibility standards, creating incentives for investments in facilities, preserving international tax systems like FDII, GILTI, BEAT regimes permanently, and protecting a 21% corporate tax rate.
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