WASHINGTON, D.C. (Press Release) — U.S. Congressman Brad Schneider (D-Illinois) introduced the Accelerate Our Manufacturers Act (HR 4822) on Wednesday, June 11, a measure that would expand a key manufacturing tax deduction for equipment or capital investments. The bill is included in Minority Whip Steny Hoyer’s (MD-05) “Make It In America” package, which focuses on strengthening our manufacturing sector.
The Accelerate Our Manufacturers Act allows 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 manufactures 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.
“The success of American manufacturers is key to building a strong middle class,” Schneider said. “Helping manufacturers invest in critical equipment and technology gives our manufacturing sector a boost, spurring growth and helping create jobs. I’m honored to have the Accelerate Our Manufactures Act included in the “Make It In America” package so we can continue strengthening our manufacturing sector.”
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“Since coming to Congress last year, Rep. Brad Schneider has been an outspoken advocate for jobs and opportunities for Illinois families,” Democratic Whip Steny Hoyer said. “He has played an important role in introducing key bills as part of the Make It In America jobs plan, including bipartisan legislation to help workers earn skills certification and degrees for in-demand manufacturing jobs. He’s reached across the aisle as well to help manufacturing start-ups recover capital costs so they can compete and create jobs that pay well and open doors of opportunity. I look forward to working alongside Brad as he continues to make jobs and opportunity for a growing middle-class a top priority in Congress.”
Make It In America is a comprehensive jobs plan that aims to revitalize America’s manufacturing sector and help create high-skill, high-wage jobs. It centers on four key areas: developing a national manufacturing strategy, increasing manufacturing exports, encouraging businesses to bring innovation and jobs back home, and investing in training and securing the skilled workforce needed to support manufacturing in the twenty-first century.
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Preceding provided by Congressman Brad Schneider of Illinois