The National Association of Manufacturers (NAM) applauds the leadership of Rep. Warren Davidson (R-OH) and Sen. Marco Rubio (R-FL) in introducing legislation to prevent the finalization of proposed regulations affecting the transfer of minority interests in a family-owned business. Since these proposed regulations were released in August, there has been a growing concern among small manufacturers about the potential harmful impact of these proposals on the continuity and succession planning of family-owned enterprises. Thousands of manufacturers across the United States are family-owned businesses. These businesses, often in their second and third generation, are at the heart of the manufacturing supply chain and are a critical piece of the economy.”
The proposed regulations purport to address what Treasury believes to be abusive tax planning. In reality however, as more than 3,800 family-owned businesses and trade associations representing these businesses expressed in an NAM-led letter sent to Treasury last week, “the proposed guidance is one of the most sweeping changes to estate tax policies in the last 25 years and would be detrimental to active enterprises and family-owned businesses that employ millions of workers throughout the nation.” While most taxpayers applaud efforts to target abuses in the tax system, if the proposed regulations are not corrected, they have the potential to threaten “the ability of families to pass businesses on to the next generation of owners.” Manufacturers applaud the leadership of these members in introducing this legislation and will continue to work to protect family-owned manufacturers so that they can continue to compete and succeed.
In her role, Carolyn leads the Institute’s workforce efforts to close the skills gap and inspire all Americans to enter the U.S. manufacturing workforce, focusing on women, youth, and veterans. Carolyn steers the Institute’s initiatives and programs to educate the public on manufacturing careers, improve the quality of manufacturing education, engage, develop and retain key members of the workforce, and identify and document best practices. In addition, Carolyn drives the agenda for the Center for Manufacturing Research, which partners with leading consulting firms in the country. The Institute studies the critical issues facing manufacturing and then applies that research to develop and identify solutions that are implemented by companies, schools, governments, and organizations across the country.
Prior to joining the Institute, Carolyn was Senior Director of Tax Policy at the NAM beginning in 2011, where she was responsible for key portions of the NAM’s tax portfolio representing the manufacturing community on Capitol Hill and in the business community and working closely with the NAM membership. She served as the Director of Legislative and Government Affairs at the Telecommunications Industry Association, Manager of State and Federal Government Affairs for 3M Company, and in various positions on Capitol Hill including as Legislative Director for former U.S. Senator Olympia Snowe (R-ME), and as a senior legislative staff member for former U.S. Rep. Sue Kelly (R-NY).
Carolyn is a graduate of Gettysburg College in Gettysburg, Pennsylvania graduating with a B.A. in Political Science. She resides in Northern Virginia with her husband and three children.
Latest posts by Carolyn Lee (see all)
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