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Douglas K. Woods, president of AMT, said, “This single piece of legislation includes numerous provisions that will build on the momentum we created at the International Manufacturing Technology Show (IMTS) to spur manufacturers across the country to make the investments necessary to improve their competitiveness. Two more years of increased expensing together with another year of bonus depreciation is a major victory for companies who were inspired by what they saw at IMTS.”
IMTS, which is an AMT- sponsored event that was held the first half of September in Chicago, is one of the largest showcases of manufacturing technology in the world, and this year featured the newest products from more than 1,700 of the world’s manufacturing technology providers. More than 82,000 attendees from over 110 countries came to see and buy next generation manufacturing technology products and to learn about the emerging technologies that will shape the future.
“It’s been a difficult two years,” explained Woods. “AMT members, as well as the broader manufacturing community, are skeptical about the future, especially given proposals in Washington to increase taxes and add costly regulations on their businesses. Access to credit is still a problem, and the global market heavily favors our foreign competitors.”
“It’s no wonder companies have been slow to invest in their businesses,” said Woods. “This new law has potential to help small manufacturers gather some steam heading into next year, because 2011 may prove to be another tough year.”
The Manufacturing Mandate, put forth by AMT, calls for a long-term national strategy to revitalize the U.S. manufacturing sector, involving all stakeholders – governments, schools, business leaders and their workers.
“The federal government plays an important role by implementing policies that encourage innovation and strengthen U.S. competitiveness,” Woods noted. “The temporary tax incentives included in this law will help release the pent-up demand for new products and the export promotion support will enable more companies to explore new markets. Manufacturing technology suppliers are hopeful that the law’s lending initiatives will help loosen the credit logjam still gripping most of the industry.” Woods urged policy makers to pursue a strategy with a long-term vision and consider the effects their proposals have on this country’s manufacturing sector.
“High taxes and over-regulation are killing innovation in manufacturing,” Woods said. “The United States now lags behind our foreign counterparts in industries we once dominated. This new small business law provides temporary relief and assistance at a time when they’re desperately needed, but our elected leaders need to come together on a long-term plan that puts manufacturing at the top our national agenda if we are to regain our competitive edge.”
Additional details on the Small Business Jobs Act