The U.S. House and Senate have passed their versions of tax reform legislation, an historic endeavor that might not come around for another generation. Early Saturday, the Senate voting 51-49 passed its version of the legislation, which had previously passed the House.
Alabama’s two U.S. senators, Richard Shelby and Luther Strange, voted affirmatively in support of business, the American manufacturing worker, and taxpayers.
Passage of compromise legislation that will be worked out between the House and Senate and expected this month will enable manufacturers and businesses to create more jobs and invest in the American workforce.
The Business Council of Alabama along with its national partners, the National Association of Manufacturers and the U.S. Chamber of Commerce, applaud Senate passage and now urge member input in support of reconciliation efforts prior to year’s end.
“The long-awaited and long-needed historic tax has one more hurdle before it reaches President Trump’s desk – reconciliation of the differing versions,” BCA President and CEO William J. Canary said. “Our elected representatives and senators deserve credit for crafting this long-awaited relief for American business that for decades has had to compete on an international stage with an out-of-date business tax rate and overall tax code.”
You can let the BCA know of any concerns for and support of this legislation including the proposed reduction in the corporate tax rate and the proposal for pass-through taxes that many small businesses exercise by using the form below.
“Our elected leaders now need to seize this opportunity, get tax reform across the finish line and send it to President Donald Trump’s desk,” NAM President and CEO Jay Timmons said. “Manufacturers large and small know this reform would mean more jobs in America, more investment in America and more men and women making things in America, need, or a better time, for reform in a generation.”
U.S. Chamber of Commerce President and CEO Thomas J. Donohue reacted to U.S. Senate passage of the “Tax Cuts and Jobs Act.”
“We applaud the senators who today advanced a legislative package that will grow the economy, create jobs, and allow middle-class Americans to keep more of their hard-earned money,” Donohue said. “Lawmakers are poised to deliver on the promise of a better economic future for all Americans, and I urge them to keep up the good work and finish the job without delay.”
Passage could not have been accomplished without active engagement of all our partners. Now there is one more step for our members and that is to provide feedback on the bills’ provisions, including that for pass-through entities and removal of the provision that establishes an alternative minimum tax for businesses.
The U.S. Chamber has a link that can be used to contact federal legislators with concerns about the final version.
(The NAM’s most recent quarterly survey found that if comprehensive tax reform was enacted, two-thirds of manufacturers would increase capital spending and grow their businesses while more than half would hire more workers and increase employee wages and benefits.)
The Business Council of Alabama is the exclusive representative in Alabama of the National Association of Manufacturers and the U.S. Chamber of Commerce.