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NAM: Coalition Representing U.S. Economy Calls For Extension Of Temporary Tax Provisions

More than 500 organizations representing millions of individuals, businesses of all sizes and community development and nonprofit organizations delivered a letter to Congress today urging policymakers to work together during the lame-duck session to extend seamlessly, enhance...

More than 500 organizations representing millions of individuals, businesses of all sizes, and community development and nonprofit organizations delivered a letter to Congress Nov 18 urging policymakers to work together during the lame-duck session to extend seamlessly, enhance or make permanent expired and expiring tax provisions that are critically important to U.S. jobs and the broader economy. At least 50 tax provisions expired at the end of 2013 or are scheduled to expire in 2014.

"These tax provisions are critically important to U.S. jobs and the broader economy," the organizations said in the letter to leaders in Congress. "Failure to extend these provisions is a tax increase. It will inject instability and uncertainty into the economy and weaken confidence in the employment marketplace."

On a press conference call with reporters, Drew Greenblatt, president and owner of Marlin Steel Wire Products LLC in Baltimore, Md., highlighted the important roles that the R&D tax credit and capital investment incentives play in the manufacturing economy. "Now is the time to act," said Greenblatt. "U.S. factory jobs will grow when manufacturing companies have clarity on our R&D and job productivity equipment. We need this shot of confidence now."

Alan Baratz, CEO of AlertGPS in Scottsdale, Ariz., pointed to the importance of the R&D tax credit for the technology sector. "Technology startups are the innovation engine of our economy," said Baratz. "As they grow from pre-revenue to profitability, it's important that the R&D tax credit continues to be available to help fuel the investments required to deliver leading-edge, compelling and valuable new products."

Mike Friemel of Friemel Family Farms in Groom, Texas, understands the importance of Section 179 expensing to farmers across the country. "The loss of the Section 179 expensing and bonus depreciation provisions, and this guessing game about whether they will be extended, is bad for agriculture and bad for business," said Friemel. "Farming already has a lot of built-in uncertainty, and tax uncertainty makes it that much harder to plan or make purchasing decisions." 

According to Carrie Calvert, director of tax and commodity policy for Feeding America, the food donation tax deduction is critical to the organization's ability to continue providing food to those in need. "Passage of this legislation will make it easier for farmers, retailers, restaurants and food manufacturers to donate millions of pounds of food to food banks across our country," said Calvert. "Because of the uncertainty surrounding the food donation tax deduction, potential donors will often send surplus food to landfills or to be used as animal feed, instead of donating to their local food bank."

Matt Turkstra, manager of legislative affairs for the National Federation of Independent Business (NFIB), highlighted a number of provisions that are critical for millions of small businesses across the country. "Small business expensing is a popular and effective tax provision that allows small businesses to invest in their business, support the broader economy and streamline their recordkeeping," said Turkstra. "Extending this provision, and hopefully making it permanent, would provide a much needed boost to small businesses that continue to struggle in a subpar economy. Also, the option to deduct state and local sales taxes is important to many NFIB members, and failure to extend this provision will result in a significant tax increase on a lot of unsuspecting taxpayers." 

"Renewing the tax extenders will provide a bridge of certainty and predictability for manufacturers until Congress can act on comprehensive tax reform," said National Association of Manufacturers Vice President of Tax and Domestic Economic Policy Dorothy Coleman. "The R&D credit, investment incentives for manufacturers of all sizes and provisions that affect U.S. global companies are all key to helping manufacturers innovate, compete in a global marketplace and contribute to U.S. economic growth and job creation."

Click here to view the letter and list of signatories. Join the discussion on Twitter at #GridlockOrGrowth.

 

 

More than 500 organizations representing millions of individuals, businesses of all sizes and community development and nonprofit organizations delivered a letter to Congress today urging policymakers to work together during the lame-duck session to extend seamlessly, enhance or make permanent expired and expiring tax provisions that are critically important to U.S. jobs and the broader economy. At least 50 tax provisions expired at the end of 2013 or are scheduled to expire in 2014.

"These tax provisions are critically important to U.S. jobs and the broader economy," the organizations said in the letter to leaders in Congress. "Failure to extend these provisions is a tax increase. It will inject instability and uncertainty into the economy and weaken confidence in the employment marketplace."

On a press conference call with reporters, Drew Greenblatt, president and owner of Marlin Steel Wire Products LLC in Baltimore, Md., highlighted the important roles that the R&D tax credit and capital investment incentives play in the manufacturing economy. "Now is the time to act," said Greenblatt. "U.S. factory jobs will grow when manufacturing companies have clarity on our R&D and job productivity equipment. We need this shot of confidence now."

Alan Baratz, CEO of AlertGPS in Scottsdale, Ariz., pointed to the importance of the R&D tax credit for the technology sector. "Technology startups are the innovation engine of our economy," said Baratz. "As they grow from pre-revenue to profitability, it's important that the R&D tax credit continues to be available to help fuel the investments required to deliver leading-edge, compelling and valuable new products."

Mike Friemel of Friemel Family Farms in Groom, Texas, understands the importance of Section 179 expensing to farmers across the country. "The loss of the Section 179 expensing and bonus depreciation provisions, and this guessing game about whether they will be extended, is bad for agriculture and bad for business," said Friemel. "Farming already has a lot of built-in uncertainty, and tax uncertainty makes it that much harder to plan or make purchasing decisions." 

According to Carrie Calvert, director of tax and commodity policy for Feeding America, the food donation tax deduction is critical to the organization's ability to continue providing food to those in need. "Passage of this legislation will make it easier for farmers, retailers, restaurants and food manufacturers to donate millions of pounds of food to food banks across our country," said Calvert. "Because of the uncertainty surrounding the food donation tax deduction, potential donors will often send surplus food to landfills or to be used as animal feed, instead of donating to their local food bank."

Matt Turkstra, manager of legislative affairs for the National Federation of Independent Business (NFIB), highlighted a number of provisions that are critical for millions of small businesses across the country. "Small business expensing is a popular and effective tax provision that allows small businesses to invest in their business, support the broader economy and streamline their recordkeeping," said Turkstra. "Extending this provision, and hopefully making it permanent, would provide a much needed boost to small businesses that continue to struggle in a subpar economy. Also, the option to deduct state and local sales taxes is important to many NFIB members, and failure to extend this provision will result in a significant tax increase on a lot of unsuspecting taxpayers." 

"Renewing the tax extenders will provide a bridge of certainty and predictability for manufacturers until Congress can act on comprehensive tax reform," said National Association of Manufacturers Vice President of Tax and Domestic Economic Policy Dorothy Coleman. "The R&D credit, investment incentives for manufacturers of all sizes and provisions that affect U.S. global companies are all key to helping manufacturers innovate, compete in a global marketplace and contribute to U.S. economic growth and job creation."

Click here to view the letter and list of signatories. Join the discussion on Twitter at #GridlockOrGrowth.

- See more at: http://www.nam.org/Newsroom/Press-Releases/2014/11/Coalition-Representing-Entire-U-S--Economy-Calls-for-Extension-of-Temporary-Tax-Provisions/#sthash.rvAgvTCE.dpuf
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