Plumbing Manufacturers International (PMI) applauds the House of Representatives, which voted 357 to 70 on Jan. 31 to approve H.R. 7024, the Tax Relief for American Families and Workers Act of 2024.

This bipartisan, bicameral tax framework agreement was developed by House Ways and Means Committee Chairman Jason Smith (R-Missouri) and Senate Finance Committee Chairman Ron Wyden (D-Oregon). H.R. 7024 was approved 40 to 3 on Jan. 19 by the House Ways and Means Committee. 

"The strong bipartisan House vote for H.R. 7024 clears the way for Senate consideration of the $79 billion tax package," said PMI CEO/Executive Director Kerry Stackpole. "PMI strongly urges the Senate to approve this legislation in bipartisan fashion." Along with more than 250 other associations, PMI has joined the National Association of Manufacturers (NAM) in voicing approval of the tax package.

The bill includes the following three important manufacturing priorities that PMI supports and for which it actively lobbied:

• Restoring immediate R&D expensing for domestic research.
• Reinstating 100% accelerated depreciation for business capital investments.
• Returning the U.S. to an interest deductibility standard that supports business growth.

The measure will enable manufacturers to invest in their businesses, create jobs, and compete in the global marketplace. The bill is particularly important for small- and medium-sized manufacturers, many of which experienced significant tax increases as a result of the expiration of pro-growth provisions. The overwhelming majority — 89% — of respondents to the NAM's Q4 Manufacturers' Outlook Survey said higher tax burdens on manufacturing would make it more difficult for them to hire, buy new equipment, and expand their facilities.