The National Association of Manufacturers is calling for Congress to temporarily extend a COVID-19 tax relief provision that would benefit manufacturers affected by the pandemic.
Currently, the maximum deduction for interest on business loans is limited to 30% of earnings before interest, tax, depreciation and amortization (EBITDA). But when COVID-19 hit, Congress increased the allowable business interest deduction from 30% to 50% of EBITDA for tax years 2019 and 2020. The NAM is calling on Congress to extend the provision for one more year. 12/16/2020