Steel Institute Supports Tax Provisions for Capital Investment

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For Immediate Release
March 24, 2014

WASHINGTON, D.C. – The American Iron and Steel Institute (AISI) today joined 22 other manufacturing and business groups in urging the congressional leadership to renew bonus depreciation which encourages increased capital investment. In a letter to Senate Majority Leader Harry Reid (D-NV) and Minority Leader Mitch McConnell (R-KY), and House Speaker John Boehner (R-OH) and Minority Leader Nancy Pelosi (D-CA), AISI and others pressed the case that "immediate renewal of bonus depreciation for 2014 will make an important difference in sustaining and expanding necessary capital investment and…job creation."

Bonus depreciation allows a business to more quickly recover the cost of capital investments, like the purchase of major equipment and machinery.

Thomas J. Gibson, president and CEO of AISI, said, "For capital intensive industries like steel, whose investments require significant expenditures, immediate or accelerated expensing has always been viewed as one of the most effective ways to spur real business investment and make U.S. manufacturing more competitive."

"The U.S. economy continues to underperform …at great cost to workers, businesses and taxpayers. Renewing bonus depreciation, and the comparable Alternative Minimum Tax credit in lieu of bonus depreciation, will provide an immediate incentive for businesses to make additional capital investments, thereby boosting the U.S. economy," the letter concluded.

Contact: Lisa Harrison
202.452.7115 / lharrison@steel.org

Click here to read the letter on Bonus Depreciation.

Click here for a PDF version of this release.

AISI serves as the voice of the North American steel industry in the public policy arena and advances the case for steel in the marketplace as the preferred material of choice. AISI also plays a lead role in the development and application of new steels and steelmaking technology. AISI is comprised of 23 member companies, including integrated and electric furnace steelmakers, and approximately 125 associate members who are suppliers to or customers of the steel industry. AISI’s member companies represent over three quarters of both U.S. and North American steel capacity. For more news about steel and its applications, view AISI’s website at www.steel.org.