The "One Big Beautiful Bill Act" signed into law on July 4 by President Donald Trump drew praise from trade groups supporting several provisions within the legislation.
The Republican bill's business-friendly components include an extension of the 2017 Tax Cuts and Jobs Act that sets the corporate income tax rate at 21%. Other sections of the bill include higher tax deductions and depreciation rates for businesses and the elimination of the de minimis exemption, which allows imports under $800 to enter the U.S. duty-free.
Below are excerpts from statements made by several organizations in response to the act.
National Council of Textile Organizations President and CEO Kim Glas
“We sincerely appreciate Sens. Lindsey Graham (R-SC) and Sheldon Whitehouse (D-RI) for leading efforts on a legislative solution that would codify and permanently end duty-free de minimis treatment for millions of low-value packages from China and all countries, closing a loophole in U.S. trade law that has harmed American manufacturers and workers and endangered American consumers.
“This provision would help rebalance the playing field for the domestic textile industry, which has seen the closure of 28 plants over the past 23 months.”
Retail Industry Leaders Association EVP of Government Affairs Austen Jensen
"Leading retailers applaud the House and Senate for maintaining the corporate tax rate at 21% and upholding key business deductions that have been proven to drive investment and job growth. The bill also takes a critical step to phase out de minimis for commercial shipments, which will help level the playing field for retailers.”
National Retail Federation President and CEO Matthew Shay
“President Trump campaigned on a promise to revitalize the U.S. economy. This historic legislation ensures that his vision to push forward pro-growth policies and measures that rein in government spending becomes a reality to the benefit of American businesses and hard-working families for generations to come.”
National Association of Manufacturers President and CEO Jay Timmons
“Today marks a historic victory for the 13 million people who make things in America. This is a manufacturers’ bill—through and through.
“None of this was inevitable. It’s the result of years of serious, sincere partnership between our nation’s manufacturers and our elected leaders. From the shop floors of small businesses to the headquarters of global companies, from plant managers and line workers to members of Congress and the administration, this achievement reflects what’s possible when policymakers choose to work with manufacturers."
Alliance for Automotive Innovation President and CEO John Bozzella
“Lots of smart policies in the reconciliation bill to keep the auto industry in America healthy and competitive. The big one: the advanced manufacturing production credit (aka 45X). The Senate recognized this tax credit is working – bringing battery manufacturing back to the U.S. and supporting supply chains that bypass China. By restoring the workability of this key credit and maintaining prohibitions against Chinese companies from credit eligibility, senators preserved billions in auto-related manufacturing investments and jobs.”
Society of Chemical Manufacturers and Affiliates VP of Legal and Government Relations Robert Helminiak
“The passage of this legislation affirms what we’ve long advocated: that robust R&D tax incentives are essential for maintaining our nation’s leadership in specialty chemistry. This represents meaningful progress for American manufacturing competitiveness.”
National Air Transportation Association President and CEO Curt Castagna
“This permanent extension of bonus depreciation recognizes the vital role aircraft play in supporting local economies and national mobility. By removing uncertainty around tax planning, Congress has empowered aviation businesses to reinvest, grow jobs, and expand access to on-demand transportation and critical services across the country.”
American Trucking Associations President and CEO Chris Spear
“By passing this bill, Congress averted the largest tax increase in our nation’s history. Neither the economy nor our supply chain would have survived such a travesty. This is our money, not the government’s, and truckers know better than anyone how to reinvest it to promote prosperity. Motor carriers, the overwhelming majority of which are small businesses that operate ten trucks or fewer, will now have the ability to plan for the future, continue to provide good-paying jobs, and upgrade equipment.”
Aerospace Industries Association President and CEO Eric Fanning
“Prioritizing research and development, manufacturing, defense and aviation systems strengthens national security while fueling American innovation, workforce development, and global leadership.
“When paired with pro-growth policies like the R&D tax credit and full capital expensing—as well as landmark investments in NASA’s exploration missions and the continued modernization of our nation’s air traffic control infrastructure—these efforts lay the foundation for sustained advancement across the aerospace and defense sectors.”
