MEMA Statement on Tax Relief for American Families and Workers Act
WASHINGTON, D.C. – 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 return yearly deductibility of R&D expenses and restores the competitiveness of U.S. manufacturers,” said Bill Long CEO for the trade association. He continued, “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.”
About MEMA. The Vehicle Suppliers Association
MEMA, The Vehicle Suppliers Association, is the leading trade association in North America for vehicle suppliers, parts manufacturers, and remanufacturers. It has been the voice of the vehicle supplier industry since 1904. Its more than 1,000 members are Strong by Association.
Companies join MEMA via two membership groups: MEMA Aftermarket Suppliers and MEMA Original Equipment Suppliers. Automotive and commercial vehicle suppliers are the largest manufacturing sector in the United States and lead the way in new vehicle innovations.
Members conceive, design, and manufacture the OE systems and technologies that make up two-thirds of the value of every vehicle and supply the aftermarket with the parts that keep millions of vehicles on the road, fueling international commerce and meeting society’s transportation needs. MEMA members are committed to safety and sustainability.
MEMA has offices in Southfield, Mich.; Research Triangle Park, N.C.; and Washington, D.C. Learn more at MEMA.org.