H.R. 1, or the One Big Beautiful Bill Act, has garnered strong support from MEMA in a recent press release.
Upon the U.S. Senate passing its version of the bill on July 1, MEMA celebrated the passage of provisions it campaigned for, including the continuation of the 21% corporate tax rate, the addition of a permanent and immediate first-year deduction of R&D expenses, and the reinstatement of 100% full expensing for capital equipment purchases.
MEMA also commended an added production expensing provision intended to support the creation or expansion of manufacturing facilities in the United States.
Alongside other business groups and coalitions, MEMA opposed Section 899, an international tax provision, and has also highlighted its removal from the Senate’s version of the bill. The organization also noted the retention of manufacturing programs and the continuation of the Clean Hydrogen Production Tax Credit (Section 45V).
“These measures in the tax bill are of great importance, especially to vehicle suppliers who represent the largest sector of manufacturing jobs in the country with more than 932,000 associates,” stated Bill Long, CEO and president of MEMA, the Vehicle Suppliers Association.
