U.S. Sen. Tammy Baldwin
Press Release

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

By - Aug 9th, 2017 04:27 pm
Manufacturing

Manufacturing

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.’

More information and background on the 21st Century Manufacturing Act is available here.

Mentioned in This Press Release

Recent Press Releases by U.S. Sen. Tammy Baldwin

U.S. Senator Tammy Baldwin and Wisconsin Vietnam War Veterans Secure Vietnam Helicopter Pilot and Crewmember Monument in Arlington National Cemetery

The monument honors the nearly 5,000 helicopter pilots and crewmembers killed during the Vietnam War.

U.S. Senator Tammy Baldwin Statement on Blocking Cloture of Legislation that Harms the Great Lakes

"I cannot support legislation that harms our nation’s Great Lakes, so I led my colleagues to stand against this legislation."

U.S. Senator Tammy Baldwin Helps Introduce Bipartisan Legislation to Address the Opioid Crisis

The Opioid Crisis Response Act of 2018 is the result of seven committee hearings

Leave a Reply

Your email address will not be published. Required fields are marked *