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NPES Lauds Presidents Leadership on Economic Recovery, Growth Plan

Press release from the issuing company

January 31, 2003 -- "We commend President George W. Bush’s leadership in proposing a bold and comprehensive economic recovery and growth plan that addresses the immediate need to bolster the economy, and provides policies for strong long-term economic growth," stated NPES President Regis J. Delmontagne. "Now, we urge the Congress to act deliberatively, but expeditiously in enacting this much-needed legislation into law," he added. NPES is a member of the Tax Relief Coalition and the Cost Recovery Action Group, and has joined other leading industrial associations in supporting the economic growth package proposed by President Bush, praising it as solid fundamental long-term tax reform that will also give an immediate boost to the slow but steadily growing economy. In addition, NPES along with other capital goods manufacturing interests is urging both the President and Congressional leaders to do more to encourage capital investment. Specifically, NPES applauds the trebling of first-year expensing, from $25,000 to $75,000, for investment by small businesses, along with the continuation of the 30 percent current-year expensing provision enacted in last year’s economic stimulus legislation. Capital spending is still being aided by the 30 percent expensing allowance, which helped overall capital goods orders pick up in the latter half of 2002 following the most sever manufacturing recession in decades. However, with this provision set to expire in September of 2004, NPES is urging that this year’s tax legislation include a major expansion of first-year expensing for all companies, with the benefit being a quicker economic recovery with more and better jobs. "Manufacturers will be a major contributor to that recovery, but they must have state-of-the-art technology," added Delmontagne. "First-year expensing both reduces the cost of the newest capital equipment and provides up-front additional cash flow to help finance the purchase. When new equipment comes on line, worker productivity, wages and profits all go up, as does the overall economy," Delmontagne emphasized. Turning to another high NPES priority, NPES Government Affairs Committee Chairman H. A. Brandtjen, III, President, Brandtjen & Kluge, Inc., St. Croix Falls, Wisconsin commended President Bush, "for his commitment to reining in abuses of the legal system that add needless costs to consumers of products and services throughout the U.S. economy. " Speaking on behalf of his fourth-generation U.S. printing equipment company, and other similarly situated domestic manufacturers, Brandtjen specifically stressed the need to enact statute of repose legislation for industrial equipment, which would more fairly allocate the economic burden of job-related injuries and provide greater incentives for safety in the workplace. As the new 108th Congress begins its work, NPES urged its members to remain active in advocating industry priorities such as those mentioned above, as well as expanded trade opportunities under the new trade promotion authority regime. "Even though the 2002 elections may have improved the legislative environment needed to make progress on these issues, sustained grass roots communications will still be vital in a closely divided congress," emphasized NPES Government Affairs Director Mark Nuzzaco. NPES is a U.S. trade association representing more than 460 companies engaged in manufacturing and importing for sale or distribution machinery, equipment, systems, software and supplies used in every printing, publishing and converting process