{"database": "press", "table": "releases", "rows": [["https://www.capito.senate.gov/news/press-releases/what-they-are-saying-support-grows-for-capito-sinema-bill-reversing-harmful-change-in-tax-code", "WHAT THEY ARE SAYING: Support Grows for Capito, Sinema Bill Reversing Harmful Change in Tax Code", "2023-11-13", "2023", "2023-11", "Republican", "Senate", "WV", "Shelley Moore Capito", "C001047", "www.capito.senate.gov", "capito", "https://www.capito.senate.gov/news/press-releases", "scraper", "WASHINGTON, D.C. \u2014 U.S. Senator Shelley Moore Capito (R-W.Va.) today highlighted the broad support from national and local business organizations and industry stakeholders for the American Investment in Manufacturing (AIM) Act. The legislation, which Senator Capito introduced with U.S. Senator Kyrsten Sinema (I-Ariz.) in April, would reinstate the Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) measure for U.S. businesses to make critical investments and protect American jobs.\n\nIn September, Senator Capito hosted a panel presentation and discussion on the implication of the tax code change around Section 163(j) and the real-world impact it\u2019s having on businesses in every state across the country. Following the event, the National Association of Manufacturers (NAM) released an updated 163(j) study in October that focused on the economic impact of the EBIT-based interest expense limitation. Specifically, the data showed that failing to reverse the change from EBITDA to EBIT will cost the U.S. economy 867,000 jobs, $58 billion in lost wages, and $108 billion in GDP. You can find the updated study here.\n\nLast week, 1,322 companies across the United States, industry associations, state and local chambers, and allied organizations signed a letter calling on Congress to restore three pro-growth tax policies, one of which was a pro-growth interest deductibility standard. Click here to read the full letter.\n\nAmericans for Tax Reform (ATR):\n\n\u201cBefore the policy expired in 2022, businesses were able to deduct net interest expenses up to 30 percent of earnings before interest, tax, depreciation, and amortization (EBITDA). This globally competitive standard provided American businesses \u2013 especially manufacturers \u2013 a crucial tax cut, allowing them to compete with foreign businesses. Unfortunately, this deduction was narrowed to 30 percent of earnings before interest and tax (EBIT). Thankfully, Senator Shelley Moore Capito introduced the American Investment in Manufacturing (AIM) Act, which would restore EBITDA. In this high-interest environment, all lawmakers who value the protection of U.S. jobs, wages, and competitiveness should support and cosponsor this legislation,\u201d Grover Norquist, ATR President, said.\n\nAmerican Petroleum Institute:\n\n\u201cThe American Investment in Manufacturing Act will help lower the costs of financing critical investments in American-made energy during a time of high inflation, rising interest rates and persistent supply chain challenges. We thank Sens. Capito and Sinema for championing this bipartisan legislation and urge lawmakers in both chambers to support the reinstatement of this critical tax measure,\u201d Amanda Eversole, American Petroleum Institute EVP & Chief Advocacy Officer, said.\n\nBusiness Roundtable:\n\n\u201cThe switch to a stricter business interest deduction increases taxes on American job creators, and we applaud Senator Capito and Senator Sinema for championing legislation to reverse this harmful policy,\u201d Cathy Schultz, Vice President of Tax and Fiscal Policy at Business Roundtable, said. \u201cWith businesses already facing pressure from a period of high interest rates, returning to a deduction that is in line with every other developed country would strengthen America\u2019s competitiveness, help create new jobs and increase domestic investment. Business Roundtable strongly supports the American Investment in Manufacturing Act and encourages Congress to pass this bill as soon as possible.\u201d\n\nEquipment Leasing and Financing:\n\n\u201cThe tax code shouldn\u2019t pick winners and losers in whether a customer acquires their equipment through leasing, financing, or buying outright. This EBIT standard does exactly that, on steroids! It\u2019s time to bring back the DA!\u201d Andy Fishburn, Vice President, Federal Government Relations, Equipment Leasing and Finance Association (ELFA), said.\n\nGlobal Business Alliance:\n\n\u201cStaying globally competitive is a bipartisan priority. Senators Capito and Sinema have come together to introduce a commonsense tax fix that will keep the United States on top. The American Investment in Manufacturing Act will restore the EBITDA standard in line with international norms and encourage more job-creating investments to help rebuild U.S. supply chains,\u201d Nancy McLernon, President & CEO of the Global Business Alliance, said.\n\nInspire Brands:\n\n\u201cMy fellow restaurant owners and I want to expand our networks and open more locations. That\u2019s good for the communities we serve and it\u2019s good for our businesses. But without the ability to deduct interest on depreciation and amortization, we\u2019re thinking twice about renovations and new construction. Sen. Capito\u2019s and Sen. Sinema\u2019s AIM Act would help business owners like me in West Virginia and beyond,\u201d Greg Darby, Arby\u2019s franchisee in West Virginia, said.\n\n\u201cOur restaurants offer accessible jobs with a low barrier to entry and high upward mobility potential, and the efforts by Sens. Capito and Sinema to push the AIM Act would allow our industry better access to capital to support job creation. Without the AIM Act, businesses large and small are disincentivized from investing in job creation. With it, the industry is better able to open up opportunities in communities all across America,\u201d Inspire Brands, said.\n\nNational Association of Manufacturers (NAM):\n\n\u201cThe America Invests in Manufacturing (AIM) Act will lower the cost of financing the critical investments in machinery and equipment necessary for manufacturing growth and protect more than 450,000 American jobs. We thank Sens. Capito and Sinema for their support of the manufacturing sector and urge Congress to act swiftly on this vital legislation,\u201d Chris Netram, NAM\u2019s Managing Vice President of Tax & Domestic Economic Policy, said.\n\nNational Restaurants Association:\n\n\u201cConsumers choose restaurants for experience and value. To ensure the best of both, restaurant owners work hard to renovate, refurbish, and improve their dining rooms and kitchens. The high costs of these enhancements are investments for business growth, but the current limitation of depreciation and amortization penalize their good intentions by adding to their tax burden. We thank Sen. Capito for leading this legislation and her continued support of restaurant operators and other Main Street small business owners,\u201d Sean Kennedy, Executive Vice President of Public Affairs, National Restaurant Association, said.\n\nNational Taxpayers Union (NTU):\n\n\u201cNTU applauds Sen. Shelley Moore Capito (R-WV) and Sen. Kyrsten Sinema (I-AZ) for introducing the American Investment in Manufacturing (AIM) Act, which would reinstate an important tax measure for American taxpayers and businesses. The AIM Act seeks to reauthorize the earnings before interest, tax, depreciation, and amortization (EBITDA) standard, a move that not only safeguards but helps expand American manufacturing jobs. Importantly, this legislation enables manufacturers to fight inflation and to lower the cost of financing used by manufacturers to acquire new equipment and machinery. NTU strongly encourages Congress to act swiftly to pass the AIM Act and reinstate the critical tax standard, recognizing its importance for taxpayers and businesses alike,\u201d Grant Carlson, NTU Policy and Government Affairs Manager, said.\n\nNovelis:\n\n\u201cAtlanta-based Novelis welcomes the introduction of the American Investment in Manufacturing Act, and appreciates the leadership of Senator Shelley Moore Capito, along with that of Senator Kristen Sinema and U.S. Congressmen Adrian Smith, Kevin Hern, Brad Schneider and Joe Morelle,\u201d Ivanisa Baeta, VP of Global Tax for Novelis, said. \u201cBy increasing the deductibility of interest expenses, this legislation will ease the burden of high interest rates, keep the U.S. tax code competitive globally, and allow capital-intensive manufacturers like Novelis to reinvest in R&D and manufacturing operations in the United States.\u201d\n\nNTCA \u2013 The Rural Broadband Association:\n\n\u201cThe ability to maximize resources in difficult-to-serve rural areas is paramount for NTCA members, who provide their communities with affordable and reliable internet services,\u201d Shirley Bloomfield, CEO of NTCA-The Rural Broadband Association, said. \u201cNow more than ever, it is critical that rural internet service providers have the ability to invest in the technology and employees they need to best serve their communities and I applaud Senators Capito and Sinema for introducing the AIM Act.\u201d\n\nU.S. Chamber of Commerce:\n\n\u201cThe U.S. Chamber of Commerce strongly supports S. 1232 / H.R. 2788, the American Investment in Manufacturing (AIM) Act. These bills would reinstate the traditional earnings before interest, taxes, depreciation, and amortization (EBITDA) standard for calculating the limitation on the deduction for business interest expense. As of 2022, businesses have been required to calculate their interest expense deductions based on the much more stringent earnings before interest and taxes (EBIT) standard. This limitation has made all forms of business investment more costly and risks leading to reduced investment, slower job creation, smaller wage increases, and lower overall economic growth. The Chamber calls on Congress to immediately restore the traditional EBITDA standard for calculating the limitation on the deduction for business interest expense, and we urge you to cosponsor these important bills,\u201d Neil Bradley, U.S. Chamber of Commerce Executive Vice President, Chief Policy Advisor, and Head of Strategic Advocacy, said.\n\nWest Virginia Manufacturers Association (WVMA):\n\n\u201cThe WVMA supports reversing stricter limits on interest deductibility that could cost the United States nearly a half million manufacturing jobs,\u201d Rebecca McPhail, WVMA president, said. \u201cWe applaud Senator Capito\u2019s leadership in introducing the American Manufacturing Investment Act.\u201d\n\nWest Virginia Restaurants Association:\n\n\u201cWhen a restaurant like mine plans a remodel or expansion, we keep a close eye on how these costs affect cash-on-hand and taxes. Limiting the deduction for depreciation or amortization is a tax on investment, challenging a restaurant\u2019s ability to expand operations or hire more people. Senator Capito knows what this means for West Virginia and we appreciate her commitment to make this right,\u201d Matt Herridge, West Virginia Restaurant Franchisee, said.\n\nA one-pager on the legislation is available here.\n\nFull text of the legislation is available here.\n\n# # #", 1, "2026-03-30T01:40:41Z", "2026-04-08T01:01:09Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.capito.senate.gov/news/press-releases/what-they-are-saying-support-grows-for-capito-sinema-bill-reversing-harmful-change-in-tax-code"], "units": {}, "query_ms": 1.9998159259557724, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}