Manufacturing leaders react to H.R.1: A boost for factories, a blow to clean tech
Congress passed H.R.1 (the "One Big Beautiful Bill Act") on Thursday afternoon, drawing positive reaction from key manufacturing industry groups.
The bill's preservation pro-manufacturing tax policies is “the result of years of serious, sincere partnership between our nation’s manufacturers and our elected leaders,” said National Association of Manufacturers (NAM) President and CEO Jay Timmons.
“This Congress and this administration understand that a stronger manufacturing sector means a stronger America," added Timmons. “While this bill passed on a party-line vote, manufacturers all across America, in red states and blue states, swing districts and safe districts, look forward to putting people to work, more factories into motion, more innovation into the market, more products onto our shelves and more prosperity into our communities."
“Certainty is paramount for all businesses, and this is exactly what One Big Beautiful Bill provides equipment dealers, manufacturers, and our customers," said Associated Equipment Distributors' (AED) President & CEO Brian P. McGuire, citing policies such as 100 percent bonus depreciation, the 199A pass-through deduction, and expensing for research and development costs. "By making these provisions permanent, AED members can worry less about an ever-changing tax code and focus on supplying and servicing the equipment needed to build, feed and fuel America.”
Reaction from the renewable energy industry was more subdued, as the bill phases out federal rebates for electric vehicles as soon as the end of September, as well as clean electricity investment and production tax credits for wind and solar that have been in place for decades.
Tom Hunt, CEO of Denver-based Pivot Energy, forecast a rollover effect on manufacturing of the new energy policies. "If it passed as it is, it will hurt jobs. It'll hurt our economy. It'll jack up electricity prices for years to come. It'll endanger a lot of new manufacturing across the country, because all those things are underpinned by the growth of solar and energy storage."
