Walorski, Banks Introduce Renewing Investment in American Workers and Supply Chains Act to Support Hoosier Workers & Industry

Congresswoman Jackie Walorski (Ind.-02), a senior member of the House Ways and Means Committee, and Congressman Jim Banks (Ind.-03), Chairman of the Republican Study Committee, today introduced the Renewing Investment in American Workers and Supply Chains Act, which would incentivize companies to invest in American industry.

“Hardworking Hoosiers and Americans across the country have demonstrated both the strong work ethic and innovative skills that deliver results. Investing in American workers and industry, including the vital manufacturers in Northern Indiana, will create jobs, make our supply chains more resilient, and strengthen our economy,” said Congresswoman Walorski. “The Renewing Investment in American Workers and Supply Chains Act would take bold action to level the playing field, incentivize growth here at home, and equip America to thrive in the 21st century.”

“Our bill would benefit American industry and spread those benefits evenly. Our job isn’t to pick winners and losers. Congress’s job is to put the U.S. on a level playing field. American industry is already competitive; we just need to roll back the flawed policies that discourage investment at home and that have already sent millions of jobs overseas,” said Chairman Banks. “Northeast Indiana is one of America’s great industrial hubs, and the Renewing Investment in American Workers and Supply Chains Act would help ensure prosperity in our state.”

BACKGROUND

The Renewing Investment in American Workers and Supply Chains Act would increase investment in American industry by reducing the required time for companies to recover the cost of investments in new U.S. factories and plants from 39 years to 20 years. This legislation also would allow companies to increase the value of these deductions each year by adjusting for inflation and the time value of money.

The nonpartisan Tax Foundation finds that the bill would create 230,000 new jobs, increase investment in American industry by 2.3 percent and increase wages by 1 percent. Read full text of the bill HERE.