From: Aerospace Industries Association
Posted: Thursday, October 26, 2017
Throughout 2017 AIA has worked energetically to convince Congress and the Administration of the importance of repealing or revising BCA caps and enacting comprehensive tax reform. As two out of our top five agenda items for 2017, these efforts carry special importance in AIA’s advocacy and are particularly significant to our industry’s long-term health and prospects.
“AIA’s Executive Committee made a firm commitment to achieving growth opportunities for our industry through substantial relief from BCA budget caps and comprehensive tax reform,” said AIA President and CEO David F. Melcher. “AIA’s advocacy for U.S. government policies that make our industry more competitive have been a critical point of emphasis with the Trump Administration and Congress. They are central to unlocking our industry’s great potential to grow exports and create high-skill, high-wage jobs.”
On Thursday, October 26, the House passed the Senate’s version of the FY18 Budget Resolution. While the bill adheres to the existing BCA caps, it would allow the Budget Chairman to revise spending totals for defense spending if an agreement on higher spending levels is reached in separate legislation later this year. It also includes a reconciliation instruction which would allow tax changes to increase the deficit by no more than $1.5 trillion from fiscal 2018 through 2027 if enacted in separate comprehensive tax reform legislation.
Passage of the budget resolution by both the House and Senate enables Congress to move forward on comprehensive tax reform and sets the stage for budget negotiations to raise defense spending above the current BCA caps. This constitutes a major victory for our industry.
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