Happy Halloween! With elections just around the corner, one way to ensure that manufacturing doesn’t have a spooky future is to make your voice heard and vote!
It’s time to fundamentally change course in Washington, and you can have an impact by exercising your right to vote. Voter turnout will be the key to the outcome of this important election.Following the elections, the 113th Congress will meet one last time for a lame duck session to consider items left on the table when it adjourned in September.
One of the items on the lame duck agenda is “tax extender” legislation that would reinstate 50+ tax provisions that expired at the end of 2013, including two provisions important to AMT members and their customers — Sec. 179 “small business” expensing and 50% bonus depreciation.
Please contact your Senators and Representative immediately and urge prompt passage of this very important legislation.
Why is it important to expand expensing?
As a manufacturer, you recognize the importance of incentives that allow businesses to more quickly write off the cost of capital equipment. They help encourage companies, especially small and medium-sized ones, to update their manufacturing processes and modernize their facilities, thus increasing their competitive edge.
Unfortunately, as of January 1, 2014, the tax benefit of Section 179 expensing dropped sharply from $500,000 on new and used equipment purchases up to $2 million to just $25,000 on purchases up to $200,000. Bonus depreciation dropped from 50% of new equipment purchases to zero.
It is hoped that, beginning mid-November, the House and Senate will start work on a package that temporarily extends the expired tax provisions for the 2014 and 2015 tax years, thus giving the new 114th Congress a clean slate for tackling comprehensive tax reform. But that won’t happen unless we keep the pressure on.
Take action – be heard!
Join with MFG Advocates nationwide in calling for prompt passage of a “tax extender” bill that includes expanded Sec. 179 and 50% bonus depreciation. Click here to visit AMT’s Legislative Action Center for a sample letter and information on contacting your members of Congress.
It doesn’t take a lot of time or energy to be involved in shaping this country’s manufacturing policy. Our shared strength comes from many voices joining together. Make your voice heard. Vote on Election Day and contact Congress on manufacturing issues important to you.