MEMA, the Vehicle Suppliers Association, publicly announced support for legislation introduced by Sens. Todd Young (R-Ind.) and Maggie Hassan (D-N.H.) on Friday.
The two senators introduced a bill that restores full first-year deductibility of R&D expenses. MEMA says passage of this bipartisan American Innovation and Jobs Act by Congress in 2023 "will enhance competitiveness and job creation in the U.S. motor vehicle supplier sector."
Young has been a key supporter of the commercial vehicle sector in recent years. Named an industry champion by MEMA in 2022, he also recently co-sponsored the newest bill to repeal Federal Excise Tax on heavy trucks, and co-authored and passed the 2022 CHIPS and Science Act that provided $52 billion to the U.S. semiconductor industry (including for $10 billion for legacy chips).
MEMA members are grateful for the leadership of Sens. Young and Hassan on the R&D issue, says MEMA Ann Wilson, senior vice president, Government Affairs.
"Senator Young understands Indiana has 84,000 motor vehicle parts sector jobs. He is always working for manufacturing policies that create jobs and economic growth in the Hoosier state and across the country," Wilson says.
Regarding Hassan, she adds, "The senator is always working for manufacturing policies that create jobs and economic growth across the country."
The bill already has 10 co-sponsors, MEMA says.