AISI Submits Comments To Senate Finance Committee Tax Working Groups

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For Immediate Release
April 16, 2015

Contact: Lisa Harrison
202.452.7115 / lharrison@steel.org

WASHINGTON, D.C. – The American Iron and Steel Institute (AISI) submitted comments yesterday to the bipartisan Senate Finance Committee “Tax Working Groups” outlining the steel industry’s priorities for tax reform.  AISI stressed that any tax reform proposals must continue to promote investment in domestic manufacturing facilities and equipment, noting that a robust manufacturing sector, including a strong and vibrant steel industry, is critical to ensuring and healthy domestic economy.

Thomas J. Gibson, president and CEO of AISI, said, “We commend the Finance Committee members for continuing to pursue tax reform, which is not an easy task.  In our comments, we encourage the tax working groups to look for ways to reform the tax code in a pro-growth manner, which will encourage more capital intensive investments in the U.S.  However, repealing longstanding tax provisions utilized by capital intensive industries, like accelerated depreciation, will do the opposite by increasing the overall cost of capital and causing an increase in our effective tax rates.”

Gibson concluded that the focus should not be solely on rate reduction but rather “on the overall tax regime needed to ensure U.S. manufacturers are more competitive globally.”

Click here to read AISI’s comments to the Senate Finance Committee Business Income Tax Working Group and here for the comments to the Senate Finance Committee International Tax Working Group.

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 19 member companies, including integrated and electric furnace steelmakers, and approximately 125 associate members who are suppliers to or customers of the steel industry. For more news about steel and its applications, view AISI's website at www.steel.org. Follow AISI on Facebook or Twitter (@AISISteel).