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Update on Tax Reform

Posted By Chris Greissing, Thursday, July 27, 2017
Today, House Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R-KY), Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, Senate Finance Committee Chairman Orrin Hatch (R-UT), and House Ways and Means Committee Chairman Kevin Brady (R-TX) issued a joint statement on tax reform.  It is anticipated that this will lead to legislative text being drafted in the coming weeks, and likely released in September.  

IMA-NA has been hard at work on tax reform throughout the year, particularly as it relates to the percentage depletion deduction.  We have held numerous meetings with key staff on the Senate Finance Committee and House Ways and Means Committee throughout the year.  We also filed comments with the Senate Finance Committee on the percentage depletion deduction last week (attached).  We have held two successful fly-ins in March and July to get our members in front of key Members of Congress and their staffs on this issue. We thank you for your participation!

IMA-NA has also taken on a leadership role in the industry coalition and is working to show the broad impact that this deduction has not just on our industry, but across manufacturing as a whole. We are arranging visits with the other coalition members with key staff in Congress and the Administration.  We will continue our efforts to educate Members of Congress to this important issue and provide you with updates as they become available.

To view the White House press release from today, click here.  

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