WASHINGTON—Senator Mike Braun, Congresswoman Jackie Walorski (IN-02) and Congressman Jim Banks (IN-03) have introduced the Renewing Investment in American Workers and Supply Chains Act to allow accelerated depreciation for non-residential and residential property and make tax code more efficient.
“We must do everything we can to invest in American workers and industry. That starts with commonsense, pro-growth legislation like the Renewing Investment in American Workers and Supply Chains Act I am leading in the Senate to level the playing field for businesses and grow our economy in Indiana and throughout the country.”—Senator Mike Braun
“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. 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. I thank Senator Braun for leading this legislative effort in the Senate as we seek to deliver results for hardworking Hoosiers and Americans across the country.”—Congresswoman Jackie Walorski, lead sponsor of the House bill.
“Northeast Indiana is one of America’s greatest innovation and manufacturing hubs. This commonsense legislation would roll back the flawed policies that discourage investment at home and that have already sent millions of jobs overseas. I was proud to introduce the House companion for the Renewing Investment in American Workers and Supply Chains Act with Rep. Walorski and am glad to see my friend and fellow Hoosier taking the lead in the Senate.”—Congressman Jim Banks
The Renewing Investment in American Workers and Supply Chains Act would:
- Reduce the depreciation schedule for all non- residential and residential property to 20 years. Currently, both nonresidential and residential property are subject to extremely long recovery periods.
- Allow companies to apply a neutral cost recovery adjustment to deductions to account for inflation and the time value of money.
According to the Tax Foundation, moving to a 20-year depreciation schedule for structures would increase long-term economic output by 1.2 percent, capital stock by 2.3 percent, increase wages by 1.0 percent and create the equivalent of 231,000 full time jobs.
Read the full text of the bill here.