Tell U.S. Lawmakers You Want Them To Restore Interest Deductibility

As members of the industrial metals community are well aware, many metals companies and members of the broader manufacturing community borrow funds to finance long-term investments in equipment and facilities and these investments enable employers to create jobs and compete effectively in the global economy.

Unfortunately, as Connecting the Dots previously reported, at the beginning of 2022, a stricter limit on the deductibility of the interest payments on business loans went into effect, which increased the cost of financing critical investments in machinery and equipment.

This stricter limitation effectively acts as a tax on investment by making it more expensive for capital-intensive companies to finance critical purchases, grow their businesses, and hire new workers. In fact, this new policy could cause companies to eliminate up to half a million jobs and could reduce U.S. growth by nearly $44 billion.

That is why the National Association of Manufacturers (NAM) is now rallying the business community to urge Congress to reverse the stricter limitation. You can help. Please click here to send a letter to your senators and members of Congress that asks them to restore interest deductibility.