NAM Calls for Senate Approval of Financial Relief Legislation

By October 1, 2008Economy, Taxation

The National Association of Manufacturers has sent a “Key Vote” letter to the Senate, urging support of  Dodd Substitute to H.R. 1424 as bringing stability and restored confidence to the U.S. financial system.  Key votes are used to calculate a member of Congress’ overall support for the manufacturing economy.

The recent addition of tax provisions is a generally good thing, the NAM believes.  From the letter, signed by Executive Vice President Jay Timmons:

NAM members believe that pro-competitiveness tax provisions in the Dodd Substitute will help shore up business confidence and promote growth and job creation.  In particular, the NAM supports provisions in the Substitute that include:

  • A seamless extension of a strengthened R&D credit; 
  • An extension of deferral of U.S. tax on active business global financing income;
  • An extension of the look-through rules for payments between related foreign corporations; and
  • Extensions of incentives promoting energy efficiency and the development of renewable and alternative energy sources.

At the same time, manufacturers are disappointed that revenue-raising provisions singling out the oil and gas industry for discriminatory tax treatment were included in the Substitute.  We believe the unintended consequences of these provisions could leave American consumers and manufacturers more reliant on foreign energy sources and result in higher energy prices.
Nevertheless, Congress must take action quickly to restore Americans’ confidence in our financial system and send a positive signal to the world’s financial markets, and we urge you to support the Dodd Substitute.


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