NAM commends Senate on passage of tax extenders in Jobs Bill.
Press Release Summary:
Following passage of American Workers, State, and Business Relief Act of 2010 by Senate, NAM President John Engler said that its tax and pension relief provisions are vital to job creation. He states that "by providing additional time for companies to make required pension payments, the retirement security provisions will put cash back in the hand of employers, allowing them to grow and create jobs." He also "encourage[s] Congress to make the R&D credit stronger and permanent."
Original Press Release:
Manufacturers Commend Senate on Passage of Tax Extenders in Jobs Bill
But Deep Concern with Industry-Specific Taxes on Job Creators
WASHINGTON, D.C. - National Association of Manufacturers (NAM) President John Engler issued the following statement today immediately after Senate passage of the "American Workers, State and Business Relief Act of 2010" (H.R. 4213):
"As our unemployment continues to hover near 10 percent, and manufacturers struggle to regain strength in this fragile economy, we commend the Senate for passing important tax and pension relief provisions that are vital to any job creation.
The Research & Development (R&D) credit is a proven driver of economic activity and job creation, with 70 percent of the credit going directly to U.S. wages. We will continue to encourage Congress to make the R&D credit stronger and permanent as it gives companies a reason to invest in America. The NAM's "Jobs for America" report finds that by increasing the R&D credit and making it permanent, we would encourage innovation and boost total employment by hundreds of thousands of jobs this decade.
Similarly, by providing additional time for companies to make required pension payments, the retirement security provisions will put cash back in the hand of employers, allowing them to grow and create jobs. We are also pleased the Senate bill broadens the tax credit for energy efficient windows, doors and skylights by allowing them to meet the 2010 Energy STAR standards. And we welcome the provision that will allow companies to use their unused Alternative Minimum Tax (AMT) credits based on hiring workers or making investments.
While we are pleased that the tax extenders and retirement provisions are included in the Senate-passed bill, we are disappointed that it also includes industry-specific taxes that will pile more costs on manufacturers and make them less competitive.
We will continue to work with Members of Congress to improve this critical bill so that it can foster job creation and global competitiveness without putting undue burdens on specific industries. It is important for lawmakers to remember throughout this jobs debate that government doesn't create jobs, business does."
The National Association of Manufacturers is the nation's largest industrial trade association, representing manufacturers in every industrial sector and in all 50 states. Manufacturing has a presence in every single congressional district providing good, high-paying jobs. For more information about the Manufacturers, visit www.nam.org.
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