MEMA, The Vehicle Suppliers Association issued a statement regarding the House overwhelmingly passed on January 31, the bipartisan, “Tax Relief for American Families and Workers Act.” This measure contains the restoration of one year deductibility of research and development expenses, a key legislative priority for MEMA, The Vehicle Suppliers Association, said.

“This is a significant step forward for MEMA members and the country. The House passed legislation that returns yearly deductibility of R&D expenses and restores the competitiveness of U.S. manufacturers,” said Bill Long, CEO for the trade association. “MEMA thanks Ways and Means Committee Chairman Jason Smith (R-MO), Ways and Means Ranking Member Richard Neal (D-MA), as well as Speaker Mike Johnson (R-LA), Democratic Leader Hakeem Jeffries (D-NY), and all the House Members who voted yes for this important measure. MEMA will continue to work to move this measure through the Senate.”