(CHICAGO) November 19, 2014 – NAMA has joined with more than 500 associations, coalitions and non-profit groups as signatories to a letter to Congress in support of key tax extensions.
The letter, spearheaded by the Broad Tax Extenders Coalition, urges Congress to extend the tax provisions that expired at the end of 2013. The key provisions of particular interest to the industry are the extension of bonus deprecation, acceleration of alternative minimum tax (AMT) credits in lieu of bonus depreciation, and enhanced charitable deduction for contributions of food inventory.
Congress is currently in a lame-duck legislative session following the mid-term elections that took place in early November.
“This letter urges members of Congress to take legislative action during this lame-duck session to extend, enhance or make permanent these expired provisions,” said Eric Dell, NAMA SVP of Government Affairs. “If these tax provisions are not extended, instability and uncertainty will be injected into the economy. Further, if these extensions are enacted seamlessly, they could be implemented in time for the 2014 tax filing season,” he continued.
“Our industry is multifaceted, from product manufacturing to equipment supply to consumer service operations. Thus, our member companies and customers could benefit greatly from the extensions, particularly with respect to bonus depreciation and research and development,” Dell said.
“We are encouraging all Members of Congress to work together in a bipartisan way to extend these important tax provisions this year, which could ultimately provide a necessary bridge to comprehensive tax reform,” he concluded.
Founded in 1936, NAMA is the association representing the $42 billion U.S. vending and refreshment service industry. With more than 1800 member companies – including many of the world’s most recognized brands – NAMA provides advocacy, education and research for its membership. Visit NAMA on Facebook, Twitter and LinkedIn.