NPES The Association for Suppliers of Printing, Publishing and Converting Technologies announces its support for H.R. 2485 The High Productivity Investment Act, which would allow the cost of high-productivity technology to be expensed in the first year of its acquisition and also would provide for more rapid depreciation of other types of capital equipment and machinery than under present law. At a press conference, July 12, Representatives Phil English (R-PA-21) and Richard Neal (D-MA-2) introduced this important legislation, which is designed to strengthen America's new productivity-based economy.
"The combination of capital spending and applied technology is transforming the American economy, making workers more productive and raising their wages," English said. "Increased productivity has been the fuel driving the economic expansion for the last eight years," Neal said. "The High Productivity Investment Act will consolidate and expand these productivity gains. There is a lot more to accomplish and this bill is a major step in the right direction."
Under this legislation, a wide range of computers, semiconductors and computer-driven "smart" machinery, including the newest state-of the-art technology in the printing, publishing and converting industry, can be written off in one year. Additionally, the new system would also reduce the recovery lives of other traditional printing, publishing and converting equipment to 5 years.
NPES President Regis Delmontagne said, "NPES and its members commend Congressmen English and Neal for their understanding that productivity is key to continued economic growth. And we applaud their legislation that would make it easier for our members and their customers to acquire the most up-to-date technologies, thereby encouraging higher amounts of business capital investment and expanding productivity and growth."
This much-needed measure has received strong bi-partisan support in Congress and is recognized as a key vehicle for increased economic growth. NPES' Government Affairs Committee Chairman, H.A. Brandtjen III remarked, "In today's high-tech economy, capital equipment and machinery becomes obsolete so quickly. It is essential to have a tax system that meets the standards of our rapidly changing hi-tech industry."
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