NMMA joins effort to speed depreciation

The Hill, a Washington, D.C., newspaper that covers the workings of the U.S. Congress, reports the National Marine Manufacturers Association has joined Cost Recovery Advances the Nation’s Economy (CRANE), a coalition of companies and industry groups that will lobby legislators to preserve a provision of the U.S. tax code that involves “accelerated depreciation.” According to the story, CRANE plans to meet with lawmakers who sit on the tax-writing panels as well as visiting new members to present the benefits of accelerated depreciation. The Hill notes that although the provision “has long had bipartisan support,” some in Congress have criticized the “tax break,” arguing it hasn’t delivered potential benefits that were promised. Other supporters to protect the legislation include Comcast and the American
Petroleum Institute, the Alliance for American Manufacturing, the American Fuel & Petrochemical Manufacturers and American Iron and Steel Institute. “Accelerated depreciation is vital to help our industries drive the country’s economic growth,” the paper quotes coalition representative Kevin Dempsey, who noted the coalition’s membership spans the tech, manufacturing and energy sectors.