The Senate Finance Committee has introduced its version of the One Big Beautiful Bill Act, maintaining key elements of the 2017 Tax Cuts and Jobs Act. Jay Timmons, President and CEO of the National Association of Manufacturers (NAM), commented on the development: "Chairman Crapo and the Senate Finance Committee are delivering the kind of tax policy manufacturers have been calling for—policy that drives growth, unlocks investment and grows jobs."
Timmons praised Chairman Crapo's leadership in supporting pro-manufacturing tax policies. He said that preserving these policies is a significant advancement for American manufacturing. "Manufacturers also want to ensure that the tax code continues to support inbound investment into the United States as well as preserve incentives that drive investments in the manufacturing and energy production needed to power America’s economic growth," he added.
The Senate bill includes several NAM priorities such as a permanent pass-through deduction, retention of individual and corporate tax rates, immediate R&D expensing, full expensing for capital equipment purchases, an expanded estate tax exemption, and reforms to protect U.S. competitiveness internationally.
"This is a once-in-a-generation opportunity to lock in a manufacturing resurgence in the U.S. Let’s finish the job—because when manufacturing wins, America wins," Timmons concluded.
The NAM recently released a report titled "Keeping Our Promises: Manufacturers on Eight Years of Tax Reform," highlighting how previous tax reforms have benefited manufacturers.
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