MSCI Members Must Weigh In With U.S. Senators On Vital Tax Bill

Members of the U.S. Senate are still trying to find a path forward on the tax bill that the House of Representatives approved earlier this year. As a reminder, this legislation, called the Tax Relief for American Families and Workers Act of 2024, would:

• Restore immediate research and development (R&D) expensing;
• Return to a pro-growth interest deductibility standard; and
• Reinstate full expensing, also known as 100-percent accelerated depreciation, for businesses’ capital investments.

The Metals Service Center Institute (MSCI) and a broad group of business groups support the bill, and have called on the Senate to approve it quickly.

Unfortunately, as the news outlet Punchbowl has pointed out, Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) “would vote against the bill without changes” — and he is not alone. Other Republican senators also would like to see changes made to the legislation. Sen. Crapo offered a few specific provisions he would like to see addressed, for example, including elimination of:

• A low-income housing tax credit expansion;
• A provision to allow families to use prior-year earnings to qualify for the child tax credit benefits;
• An increase in the refundability of the child tax credit; and
• Language that would grant benefits for the 2023 tax season.

While none of those changes would affect metals and manufacturing companies, making them could weaken bipartisan support for the legislation. As Punchbowl said, “Significantly changing those pieces of the child tax credit expansion could risk Democrats’ support for the deal. Cutting out 2023 benefits would likely sink it.”

That is why MSCI asks its member company leaders and employees to make their voices heard to member of the U.S. Senate.

You can use resources at NAM’s Tax Action Center, available at this link, to tell your senators to support this legislation.