On Thursday, Pennsylvania business leaders joined more than 1,300 industry groups and leaders to call on Congress to support legislation supporting pro-growth tax policies.
The Pennsylvania Chamber of Business and Industry, along with the Pennsylvania Manufacturers’ Association, the Greater Pittsburgh Chamber of Commerce, the Philadelphia Alliance for Capital and Technology, the Sewickle, PA-based Technology Councils of North America, and several other Pennsylvania based companies and business groups joined the National Association of Manufacturers in writing a letter to Congressional leadership – U.S. Sens. Chuck Schumer (D-CA) and Mitch McConnell (R-KY), and U.S. Reps. Mike Johnson (R-LA) and Hakeem Jeffries (D-NY) – requesting Congress pass three pieces of legislation that will restore pro-growth tax policies.
“We, the undersigned businesses and trade associations, collectively employ millions of Americans in all sectors of the U.S. economy. As tax policy plays a critical role in the ability of businesses to thrive, create jobs in the U.S. and effectively compete in today’s global economy, we write to urge Congress to take immediate action to seamlessly extend three tax policies vital to workers and America’s future: immediate R&D expensing, a pro-growth interest deductibility standard and full expensing,” the group wrote. “Although legislation has been introduced in both chambers in support of these policies, Congress must act immediately to extend these competitive tax policies. Failing to do so will put hundreds of thousands of family-supporting jobs, cutting-edge innovation and pro-growth investments in America at risk.”
The group asked Congress to ensure the tax code supports innovation; enables businesses to finance growth and makes permanent an incentive for capital equipment purchases.
“On behalf of the millions of American workers whose jobs depend on a competitive U.S. economy, we urge all members of Congress to work together by year’s end to seamlessly reinstate immediate R&D expensing, restore a pro-growth interest deductibility standard and extend full expensing,” the group wrote. “Doing so will secure the U.S. as a global leader in innovation, incentivize job-creating investments and reinforce America’s competitiveness on the world stage.”