November 10, 2017
Senate Tax Reform Bill Underscores Preservation of Accelerated Depreciation and Expansion of Rapid Cost Recovery to Grow Economy and Create Jobs
Kevin Dempsey, Senior Vice President for Public Policy at the American Iron and Steel Institute and spokesman for the CRANE Coalition, issued the following statement about today’s announcement of a new Senate tax reform bill:
“The Senate is to be commended for joining the House in introducing a tax reform bill that preserves the Modified Accelerated Cost Recovery System (MACRS) to grow the economy and create jobs through increased domestic investment by keeping the cost of capital lower. Both Houses also have now taken the positive step of proposing full expensing of machinery and equipment for five years.
“The Senate bill would boost the competitiveness of U.S. businesses with the strong combination of a sharply reduced corporate tax rate, continuing MACRS and instituting expensing.
“As we noted with the House bill, the Senate’s expensing provision would be most effective in helping to generate investment and growth if it was a permanent change. We will continue to engage with members of Congress to work toward extending expensing to continue the policy trend toward faster cost recovery.”
The Cost Recovery Advances the Nation’s Economy (CRANE) Coalition is made up of American companies and associations focused on preserving accelerated depreciation to provide the capital needed to continue driving America’s economic growth and job creation here at home.