NAM continues to urge Congress to act on tax extenders as soon as possible as a bridge of certainty until comprehensive tax reform can be enacted.
The NAM is leading meetings with members of the House and Senate to call on Congress to act immediately when they return for the Lame Duck session to enact a package of over 50 expired and expiring tax provisions, typically called “tax extenders”. Several expired tax provisions are integral for manufacturers to innovate, grow, and compete in the global marketplace. These provisions include the R&D tax credit, enhanced Section 179 expensing, bonus depreciation, the “look-through” rule for controlled foreign corporations (CFCs), and deferral for active financing income. In the coming weeks, the NAM will outline in a series of Shopfloor Blog posts exactly how important these provisions are to the U.S. economy.
Manufacturers are not alone in calling upon Congress to act to restore the expired tax provisions immediately. Recently, IRS Commissioner John Koskinen wrote in a letter to Senate Finance Committee Chairman Ron Wyden (D-WY) that Congress should act on tax extenders no later than November to avoid disruptions and delays to the 2015 tax filing season. In the letter, Koskinen points out that the uncertainty in whether and when Congress may reinstate the expired tax provisions could delay the 2015 filing season and “delay the processing of tax refunds for millions of taxpayers.” The Commissioner also warned that waiting until 2015 to extend the provisions would be even more problematic.
NAM members echo these concerns, and want Congress to know that a failure to enact a retroactive extension of the tax extenders by the end of the year equates to a tax increase on U.S. manufacturers.
Before joining the NAM, Crooks served as senior manager of government affairs for Financial Executives International, where she advocated on behalf of the association’s membership of senior-level business executives on tax, corporate treasury, pension and benefit issues. Previously, she worked as a legislative assistant to Rep. Michael Castle (R-DE), a senior member of the House Committee on Financial Services. Christina handled financial services issues for the Congressman during consideration of the Dodd-Frank Act, and also worked on small business and judiciary issues. Christina earned a B.A. in Political Science from the University of Delaware and a M.A. in Political Science from American University.
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