Association of Equipment Manufacturers (AEM) President Dennis Slater issued the following statement regarding passage of the Tax Cuts and Jobs Act out of the House Ways and Means Committee:
The equipment manufacturing industry welcomes today’s positive step by the House Ways and Means Committee toward pro-growth, pro-manufacturing tax reform. The passage of the Tax Cuts and Jobs Act out of committee is an encouraging sign of lawmakers’ commitment to achieving meaningful tax reform.
AEM and its more than 950 member companies support permanent tax reform that simplifies the code, lowers rates for all businesses, and ultimately creates good-paying manufacturing jobs in America.
While the current version of the House bill includes a number of measures that provide welcome tax relief, several provisions fall short of the pro-growth, pro-manufacturing goals shared by equipment manufacturers and Congress. The anti-base erosion provisions will raise the cost of doing business in the United States for a number of equipment manufacturers, and lawmakers must do more to ensure that the pass-through provision helps small, family-owned businesses grow and create jobs. The limit on interest deductibility will stifle growth for both manufacturers and dealers and needs to be addressed as well.
AEM is confident that leaders in the House will address these issues as the legislative process moves forward. Equipment manufacturers look forward to working with lawmakers to address key concerns about provisions in the Tax Cuts and Jobs Act and help ensure passage of comprehensive tax reform legislation this year.