Industries Driving Economic Growth Unite to Support Accelerated Depreciation in Comprehensive Tax Reform

March 19, 2015 | By Business Wire News

WASHINGTON

Leading trade associations and companies representing the sectors driving America’s economic growth and job creation – manufacturing, transportation, energy and communications – have formed a new coalition to urge policymakers to continue three decades of bipartisan, pro-investment tax policy by preserving accelerated depreciation within comprehensive tax reform.

The Cost Recovery Advances the Nation’s Economy coalition – CRANE – is initially being organized by the Alliance for American Manufacturing, American Fuel & Petrochemical Manufacturers, American Iron and Steel Institute, American Petroleum Institute, Atlas Air Worldwide, Comcast, National Marine Manufacturers Association, and Praxair, Inc.

“Republicans and Democrats have historically agreed that robust cost recovery is critical to promote American manufacturing and competitiveness by driving investment, economic growth and job-creation,” said Kevin M. Dempsey,Senior Vice President for Public Policy at the American Iron and Steel Institute. “Accelerated depreciation is vital to help our industries drive the country’s economic growth and we want lawmakers to ensure such pro-growth tax policies are maintained along with a reduced corporate rate in comprehensive tax reform.”

With so many new members of Congress, CRANE will launch a campaign to educate lawmakers and staff about the success of accelerated depreciation in promoting domestic investment over the previous thirty years. In addition to coordinated direct advocacy activities this campaign will include a series of economic studies on cost recovery produced by respected tax policy experts which will be released over the next few months.

“The goal of comprehensive tax reform should be to promote investment here at home to grow the economy and create jobs,” continued Dempsey. “The CRANE coalition will make clear that leading voices within the business community believe strongly that accelerated depreciation must play a role in any tax reform discussion to help us achieve that important goal by keeping America competitive for capital investment.”