Coalition of top U.S. companies and trade associations advocates for extending full expensing to encourage job growth, drive American competitiveness
WASHINGTON, March 23, 2023 /PRNewswire/ -- The Economic Investment Alliance (EIA), a coalition of innovative companies advocating for full expensing to strengthen the American economy, formally launched today. EIA supports extending the 2017 full expensing tax provision, which began sunsetting at the beginning of this year, to encourage growth in a turbulent economic climate and drive American competitiveness.
EIA is a partnership of 16 companies and organizations including Altria, American Car Rental Association, API, AT&T, Avis Budget Group, Inc., Corning Incorporated, CTIA, Equipment Leasing and Finance Association (ELFA), GCI, Hertz, National Association of Manufacturers, T-Mobile, Truck Renting and Leasing Association (TRALA), U.S. Chamber of Commerce, USTelecom and Verizon.
"At a time when the economy faces so much uncertainty, it's critical that policymakers incentivize business investment that spurs economic growth," said Robert Fisher, Senior Vice President of Federal Relations at Verizon, a member of the EIA. "Since its implementation in 2017, the ability to fully expense capital expenditures has driven the country's leading companies to invest billions in American infrastructure, creating jobs and paying economic dividends for years to come. EIA is urging Congress to encourage continued investment in America by making the full expensing tax provision permanent."
Full expensing allows large and small companies alike to deduct the full value of capital expenditures they make in the U.S. immediately rather than spreading out the deduction over many years. The peconolicy has garnered full bipartisan support — especially in times of economic uncertainty — because it incentivizes companies to spend more sooner, stimulating both local and national economic growth.
"When a rental and leasing company purchases a new fleet of trucks or a manufacturer expands production due to demand and innovation, it sparks growth that strengthens our economy and enhances America's ability to compete in the global marketplace," said Robby Wehagen, Vice President of Government Relations at TRALA. "These kind of investments will strengthen American supply chains and reduce dependency on foreign companies, which ultimately benefits American consumers and the greater national economy."
The EIA seeks passage of this commonsense policy in the next available legislative vehicle that includes a tax package.
About The Economic Investment Alliance: Coalition to Promote Growth in America
The Economic Investment Alliance is a coalition of innovative companies supporting the permanent extension of full expensing, a common sense, historically bipartisan policy that encourages economic growth, create jobs and drives American competitiveness.
Media Contact: Samantha McGee, [email protected]
SOURCE Economic Investment Alliance
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