Walorski, Banks introduce bill to benefit American manufacturing

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Representatives Walorski and Banks introduced a bill Thursday aimed at cutting costs for American manufacturers.

It would do so by increasing their long-term tax deductions. The bill is the Renewing Investment in American Workers and Supply Chains Act, and lowers the asset recovery period for businesses from 39 years to 20, ties deduction amounts to inflation, and would increase investment.

The bill says it would also add 230,000 new jobs and increase wages. Critics of the current 39-year period say it prevents companies from fully recovering the costs of their investment, due to inflation.

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