Members of MEMA, The Vehicle Suppliers Association, announced it strongly supports and is grateful for legislation introduced in March by Senator Todd Young (R-IN) that restores full first-year deductibility of R&D expenses. Passage of this bipartisan American Innovation and Jobs Act by Congress in 2023 will enhance competitiveness and job creation in the U.S. motor vehicle supplier sector, according to MEMA.
In addition, Young co-authored and passed the 2022 CHIPS and Science Act that provided $52 billion to the U.S. semiconductor industry (including for $10 billion for legacy chips). “This is wonderful news that Senator Young has teamed up with Senator Maggie Hassan (D-NH) to introduce this measure,” MEMA says. So far, they have 10 other co-sponsors.
“Senator Young understands that Indiana has 84,000 motor vehicle parts sector jobs. He is always working for manufacturing policies that create jobs and economic growth in the Hoosier state and across the country,” said Ann Wilson, senior vice president, government affairs, MEMA.
