U.S. Senator Tammy Baldwin Announces New Tax Reform Legislation for Manufacturers
At TYRI in Stevens Point, Senator Baldwin unveiled her 21st Century Manufacturing Act to promote investment in research and development
WASHINGTON, D.C. – U.S. Senator Tammy Baldwin today announced new tax reform legislation to support manufacturers and promote investments in research and development.
Senator Baldwin unveiled the 21st Century Manufacturing Act today during a tour at TYRI, a Wisconsin manufacturer in Stevens Point.
“In order to maintain our strong Made In Wisconsin manufacturing economy, we need to provide tax relief to manufacturers so they can invest in innovation and create jobs,” said Senator Baldwin. “That’s why I am announcing the 21st Century Manufacturing Act, new tax reform legislation that encourages manufacturers all across our state to invest in research and development and help drive economic growth for years to come.”
Senator Baldwin’s 21st Century Manufacturing Act will reform the tax code to promote investment in research and development in Wisconsin. The legislation would change the current R&D tax credit to make it more accessible for small and medium businesses, especially manufacturers like TYRI. The tax reform legislation will also promote the adoption of “connected manufacturing” technology through a new investment tax credit for manufacturers.
Specifically, the 21st Century Manufacturing Act will:
- Increase the alternative simplified credit from 14 percent to 20 percent.
- Allow firms to use cost reduction and creating new uses for their products to count as qualified research expenditures.
- Allow firms to count managers of research products as qualified research expenditures.
- Allow companies to deduct ten percent from expenditures on ‘connected manufacturing equipment.’
Mentioned in This Press Release
Recent Press Releases by U.S. Sen. Tammy Baldwin
U.S. Senator Tammy Baldwin Announces More Than $20 Million Awarded to Wisconsin Communities to Fight the Opioid EpidemicSep 21st, 2018 by U.S. Sen. Tammy Baldwin
Senator Baldwin worked to secure federal funding for local communities that invests in prevention, treatment and recovery
Opioid crisis response legislation includes support for local prevention, treatment and recovery efforts; Prevents the flow of illegal fentanyl and opioids from other countries; Provides more resources for growing meth problem in Wisconsin
U.S. Senator Tammy Baldwin Gets the Job Done for Wisconsin Shipbuilding in Bipartisan Defense Spending BillSep 17th, 2018 by U.S. Sen. Tammy Baldwin
Three Littoral Combat Ships Funded in Bipartisan legislation