Last night, the House overwhelmingly passed the bipartisan, “Tax Relief for American Families and Workers Act.” This measure contains the restoration of one year deductibility of research and development expenses, a key legislative priority for MEMA, The Vehicle Suppliers Association.
“This is a significant step forward for MEMA members and the country. The House passed legislation that returns yearly deductibility of R&D expenses and restores the competitiveness of U.S. manufacturers,” said Bill Long, CEO for the trade association.
“MEMA thanks Ways and Means Committee Chairman Jason Smith (R-MO), Ways and Means Ranking Member Richard Neal (D-MA), as well as Speaker Mike Johnson (R-LA), Democratic Leader Hakeem Jeffries (D-NY), and all the House Members who voted yes for this important measure. MEMA will continue to work to move this measure through the Senate.”
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