Plumbing Manufacturers International expresses its appreciation for the decisive action taken by the House of Representatives, which voted 357 to 70 on January 31 to pass H.R. 7024, known as the Tax Relief for American Families and Workers Act of 2024. This bipartisan and bicameral tax framework, crafted by House Ways and Means Committee Chairman Jason Smith (R-Missouri) and Senate Finance Committee Chairman Ron Wyden (D-Oregon), gained prior approval from the House Ways and Means Committee with a vote of 40 to 3 on January 19.
Kerry Stackpole, CEO/Executive Director of PMI, emphasized the significance of the robust bipartisan support in the House, stating, “The strong bipartisan House vote for H.R. 7024 clears the way for Senate consideration of the $79 billion tax package. PMI strongly urges the Senate to approve this legislation in bipartisan fashion.” PMI, in collaboration with over 250 other associations, aligns with the National Association of Manufacturers in endorsing the tax package.
The approved bill incorporates three key manufacturing priorities actively advocated for by PMI:
- Restoration of immediate R&D expensing for domestic research.
- Reinstatement of 100% accelerated depreciation for business capital investments.
- Reversion to an interest deductibility standard that bolsters business growth.
These provisions are poised to empower manufacturers to invest in their businesses, generate employment opportunities, and enhance competitiveness on the global stage. The legislation holds particular significance for small- and medium-sized manufacturers, many of whom faced substantial tax increases due to the expiration of pro-growth provisions. The NAM’s Q4 Manufacturers’ Outlook Survey revealed that an overwhelming 89% of respondents believed that higher tax burdens on manufacturing would impede their ability to hire, acquire new equipment, and expand their facilities.
About Plumbing Manufacturers International
Plumbing Manufacturers International (PMI) is the trade association of plumbing product manufacturers that produce more than 90% of the United States’ plumbing products, represent more than 150 iconic brands, and develop safe, reliable and innovative water-efficient plumbing technologies. PMI members contribute more than 464,000 jobs and $85.5 billion in economic impact to America’s economy.
With a vision of safe, responsible plumbing – always, PMI advocates for plumbing product performance contributing to water efficiency and savings, sustainability, public health and safety, and consumer satisfaction through its Rethink Water initiative and other programs. PMI members manufacture water-efficient toilets, urinals, faucets, showerheads and other products at more than 70 locations across the country and market them online and in more than 24,000 home improvement stores, hardware stores and showrooms in all 50 states.
