Senators Asking Party Leaders To Consider Tax Package And So Should You!

According to the Washington, D.C.-based news outlet AXIOS, key Senate Democrats are publicly calling on U.S. Senate Majority Leader Chuck Schumer (D-N.Y.) to force a vote on a bipartisan tax package that the Metals Service Center Institute (MSCI) and other business trade organizations, including the U.S. Chamber of Commerce and the National Association of Manufacturers (NAM), support. The senators want a vote “as soon as possible,” AXIOS said of the package, which was approved on a bipartisan basis by the U.S. House of Representatives more than five months ago.

Majority Leader Schumer has been reluctant to bring the legislation to a vote because it needs 60 votes to gain approval by the chamber — meaning it would need support from both Democrats and Republicans — and, so far, top GOP lawmakers in the chamber have said they would vote against the bill.

As a reminder, this piece of legislation 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.

This tax relief is retroactive, stretching back to tax years starting in 2022, meaning many businesses would be able to claw back some taxes levied in prior years if the bill is signed into law.

MSCI asks that its member company leaders and employees make their voices heard on this matter. Interested individuals can use the resources at NAM’s Tax Action Center, available at this link, to get in touch with their representatives in Washington, D.C. to ask that they support the legislation and press their party leaders to bring it up for a vote.