Don’t let the Senate’s defeat of the tax extenders bill stop you from letting your Senators (and your Representative too) know just how important some of these tax provisions are to the competitiveness of small and medium-sized manufacturers in the United States. This is an ideal time to express your disappointment that partisan politics got in the way of good government.
The EXPIRE Act would have extended 50+ tax provisions that expired in 2013, including the R&D tax credit, increased Sec. 179 expensing, and 50% bonus depreciation, for the 2014 and 2015 tax year. Despite a concerted effort by several major manufacturing, technology and science-centric organizations (including AMT), the Senate could not garner the 60 votes necessary to prevent a filibuster of the legislation. It came down to a partisan fight over whether amendments could be introduced. Senate Majority Leader Harry Reid (D-NV) said “no.” Senate Republicans disagreed and voted en bloc, with the exception of Sen. Mark Kirk (R-IL), against the measure.
The defeat spells trouble for the tax extender effort, but not surrender. Negotiations continue in the Senate on bringing a compromise bill to the floor. Right now, there is no companion bill in the House, but there is bipartisan support for many of the extensions contained in the Senate bill. We must keep the pressure on Congress to do the right thing. Manufacturers should contact their Senators and Representative and voice support for the tax extender package. TODAY!!! Visit AMT’s Legislative Action Center for information on how to contact your members of Congress.