House committee forms working groups to discuss pro-growth tax policies

On April 24, 2024, Ways and Means Committee Chairman Jason Smith (MO-08) and Tax Subcommittee Chairman Mike Kelly (PA-16) announced the formation of ten Committee Tax Teams, comprised of Ways and Means Republican members, to study key tax provisions from the 2017 Trump tax cuts that are set to expire in 2025 and identify legislative solutions that will continue to help families, workers, and small businesses. 

Ways and Means Committee Vice Chairman Vern Buchanan (R-FL) was selected to lead the American Manufacturing tax working group. His team will examine the effects of pro-growth tax policies on the manufacturing sector. This is important to manufacturing industries, such as non-ferrous foundries, that seek changes in the US tax code that are aimed at stimulating economic growth and job creation. This includes reconsideration of many of the critical tax policies that NFFS has long advocated for, including immediate R&D expensing, a pro-growth interest deductibility standard, and full expensing.