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Policy and Legal

Policy and Legal

Manufacturers Participate in Small Business Week Capitol Hill Showcase

By 17吃瓜在线 News Room

a group of people standing next to a man in a suit and tie

Manufacturers were among the select businesses invited to participate in last Wednesday鈥檚 Small Business Week showcase on Capitol Hill, and two in particular鈥擬arlin Steel in Baltimore and its affiliated entity, Madsen Steel Wire Products, in Michigan and Indiana鈥攎ade use of the time with lawmakers to advocate for some manufacturing-critical priorities.

What鈥檚 going on: Republicans on the House Small Business Committee hosted the event to shine a spotlight on the work of job creators throughout the country and draw attention to the federal government鈥檚 costly regulatory onslaught ().

  • Marlin Steel and Madsen Steel President and Owner and 17吃瓜在线 board member Drew Greenblatt manned a booth with his family at the showcase displaying several products鈥攕uch as metal baskets and racks鈥攎anufactured at his family-owned custom wire and steel products businesses.
  • Greenblatt and others invited to the event had the opportunity to meet and speak with House Republican leaders, including Speaker Mike Johnson (R-LA), Majority Whip Tom Emmer (R-MN), Small Business Committee Chairman Roger Williams (R-TX) and Rep. Tim Walberg (R-MI).

The background: Marlin Steel, Madsen Steel and many other manufacturers thrived under a pro-growth tax provision in the Tax Cuts and Jobs Act of 2017 that allowed businesses to deduct 100% of their R&D costs in the year the costs were incurred.

  • But in 2022 and 2023, that policy and two others鈥攅nhanced interest deductibility and 100% accelerated depreciation鈥攅xpired.
  • Ever since, manufacturers鈥 tax bills have increased, as companies, including Marlin Steel, have been required to amortize their R&D costs over five years, making innovation-crucial investments much more costly.
  • 鈥淲e want to grow jobs in our Indiana and Michigan factories, but we also need to give our talent the extraordinary tools needed to compete with China,鈥 Greenblatt said. 鈥淲e need immediate expensing to cover these huge investments. We put in $5 million but now have to pause investment. We need Congress and the president to act to allow us to hire more factory workers faster.鈥

Why it鈥檚 important: The showcase gave Greenblatt an opportunity to hammer home to lawmakers the of reinstating the expired tax provisions鈥攁nd the need to act quickly to ensure that an additional suite of pro-growth tax measures, set to expire at the end of 2025, is extended.

  • Another issue top of mind for Greenblatt and manufacturers everywhere is the flurry of regulations being handed down by federal agencies.
  • In 2022, the cost of federal regulations to manufacturers was approximately $350 billion, a 35% increase from a decade earlier, according to an 17吃瓜在线 study.
  • Small manufacturers spend more than $50,000 per employee per year to comply with federal regulations.

Stop the struggle: 鈥淎s a small business owner myself, I know all too well the many struggles small businesses face when trying to compete in the marketplace,鈥 Chairman Williams said. 鈥淚t is my hope that this 鈥 showcase serve[s] as an opportunity for more to learn about how invaluable Main Street is to our economy and our country.鈥

Related: Last week, the 17吃瓜在线 unveiled videos on social media from other leading small and medium-sized manufacturers, adding their voices to key competitiveness priorities, featuring 17吃瓜在线 board members , CEO and founder of M4 Factory, , chairman and treasurer, Sukup Manufacturing Co., and , president and CEO, HM Manufacturing.

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