President Trump Signs the "One Big Beautiful Bill," Supporting U.S. Marine Manufacturing for Years to Come
On Friday, President Trump signed what he referred to as “one big beautiful bill” — legislation that preserves key provisions from the 2017 Tax Cuts and Job Act (TCJA). These provisions will continue to support growth, investments and job creation across the marine manufacturing sector. The enactment of this pro-growth tax code is critical to supporting small businesses and keeping American marine manufacturing globally competitive.
“The President’s signature legislation, known as 'one big beautiful bill', is a momentous victory for American manufacturing and the recreational boating industry," said Frank Hugelmeyer, NMMA President and CEO. "By preserving and enhancing key provisions of the Tax Cuts and Jobs Act (TCJA), including lower corporate tax rates, pass-through deductions, expanded small business expensing and innovation incentives, this legislation will fuel our industry’s ability to accelerate investment, hire more workers and continue delivering world-class products. We are grateful to Congress and to the administration for delivering a pro-growth tax code that champions the $230 billion recreational boating economy and the 812,000 American jobs it supports.”
The key provisions, now permanent, include full expense for R&D and equipment, 20% deduction for pass-through business and competitive corporate tax rate that provides long-term incentives that are needed for the industry.
Members who have questions can reach out to Jacky Usyk, NMMA's Vice President of Government Relations, at [email protected].