Passage of this bipartisan legislation this year will enhance competitiveness and job creation in the U.S. motor vehicle supplier sector
Washington, D.C.—Legislation was introduced last week by Sen. Todd Young (R-IN) and Sen. Maggie Hassan (D-NH) that restores full first-year deductibility of research and design (R&D) expenses. 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.
In addition, Sen. Young and Sen. Hassan 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). To date, they have 10 other cosponsors.
Sen. Young said he understands that 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,” said Ann Wilson, Senior Vice President, Government Affairs, MEMA, The Vehicle Suppliers Association. “MEMA members are grateful for the leadership of Senator Young and Senator Hassan on the R&D issue.”