"Manufactures are concerned that the bill's proposed tax increases would impose new costs on American manufacturers, making them less competitive in the global marketplace and jeopardizing U.S. job creation," the letter states.
The bill, Creating American Jobs and End Offshoring Act, grants a two-year payroll tax holiday for companies that take on new employees who perform services in the U.S. that were once done abroad.
It also restricts some companies from using deferral, which postpones paying taxes on foreign income until the funds are transferred to the U.S.
The NAM letter suggests the payroll holiday and deferral provision could hurt job creation by harming the interdependency countries have when it comes to commerce.
"American companies with overseas operations support and create U.S jobs," the letter states. "An estimated 22 million people in the United States — including more than 53 percent of all manufacturing workers — are employed by companies with operations abroad. With more than 95 percent of the world's customers outside the United States, American companies establish operations abroad in order to penetrate foreign markets and add new customers."
Senate Majority Leader Harry Reid (D-Nev.) filed cloture on the bill earlier today. A vote is expected to occur Tuesday.