Reps. Rice & Schneider Introduce Bipartisan Legislation to Accelerate American Manufacturing
Washington, D.C.— Congressman Tom Rice (R-SC) and Congressman Brad Schneider (D-IL) today introduced H.R. 4822, the Accelerate Our Manufacturers Act. Congressman Rice’s focus in Congress is job growth and American Competitiveness and this bipartisan legislation helps advance both of these priorities.
The Accelerate Our Manufacturers Act would allow manufacturers to deduct the full cost of manufacturing equipment against their tax burden in the year of the equipment’s purchase instead of over several years. Allowing manufacturers to fully depreciate the value of their equipment in the year of purchase helps simplify their accounting, improve their cash flow and encourage investment in manufacturing technologies.
“Enhancing and encouraging the growth of manufacturing production in the United States is vital to our country’s competitiveness,” said Congressman Rice. “I am proud to sponsor this legislation with my friend across the aisle because it would incentivize our manufacturers to expand their operations and create jobs. Manufacturers provide our workforce with innovative, high-paying job opportunities and we must encourage them to invest on our shores.”
“Our manufacturing success will determine our economic success in the 21st Century, and this legislation encourages manufacturers across the country to invest in their futures,” Congressman Schneider said. “By allowing manufacturers to deduct the costs of new equipment in the first year, we can give our manufacturing sector a critical boost and help create jobs and grow our economy.”
As Chairman of the Small Business Subcommittee on Economic Growth, Tax and Capital Access, Congressman Tom Rice held a hearing on March 13, 2014, to examine our country’s manufacturing renaissance and its impact on small businesses. The hearing concluded that when larger businesses decide to re-shore their manufacturing to the United States, they not only create jobs in their own plants, but additional jobs in the factories and plants of their component suppliers, many of which are small businesses. The Accelerate Our Manufactures Act would further accelerate the manufacturing renaissance our country is experiencing by encouraging our manufacturers to upgrade their operations and expand, benefiting small businesses and job seekers nationwide.