A “Key Vote” letter went to members of the House of Representatives today signed by Executive Vice President Jay Timmons, urging members to support the Senate-passed Emergency Economic Stabilization Act:
Manufacturers depend on the effective functioning of our capital markets. Without access to credit, manufacturers will be limited in their ability to expand their business, make investments, and even carry out day-to-day operations. If the financial crisis means America stops making things, then our country and our economy are in serious trouble. As employers and community members, manufacturers also are concerned about the financial crisis’ impact on our employees and their families, as well as individual investors and pension plans. All of these rely on a secure and stable financial system.
In addition, NAM members believe that pro-competitiveness tax provisions in the Senate-passed Emergency Economic Stabilization Act will help shore up business confidence and promote growth and job creation. In particular, the NAM supports provisions 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 bill. 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 Senate-passed bill.
Key Vote letters are used to determine a member of Congress’ NAM voting record on manufacturing-related issues.
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