Taxation

Manufacturers One Step Closer to CTU Fix

By an overwhelming vote of 58-0, the House Committee on Financial Services approved a bill (H.R. 1317) on July 29 to further protect manufacturers from unnecessary regulatory costs when using derivatives to manage risk.   (continue reading…)

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NAM Applauds Senate Finance for Moving Tax Extenders Package

Last week, the NAM, joined by several leading associations in the business community, sent a letter to the Chairs and Ranking members of the congressional tax-writing committees calling for immediate action on a package of more than fifty expired tax provisions, known as “tax extenders.” Days later, the Senate Finance Committee answered that call and approved a two-year tax extenders package today. (continue reading…)

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Burdensome, Costly and Useless?

Manufacturers in the United States are the most productive in the world, far surpassing the worker productivity of any other major manufacturing economy, leading to higher wages and living standards. Unfortunately, one of the largest hurdles facing manufacturers is our own federal government. If it would put the right policies in place, our manufacturing engine would be even stronger, which is why the NAM submitted comments late yesterday afternoon, to the Securities Exchange Commission (SEC) articulating its concerns about two potentially burdensome and costly proposed rules.  Both proposed rules are reporting requirements that come courtesy of the regulatory burdens created by the Dodd-Frank Wall Street Reform and Consumer Protection (Dodd-Frank) Act.    (continue reading…)

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NAM, Business Groups Launch New Corporate Governance Coalition

In a letter sent to the SEC July 2, the NAM joined more than a dozen associations representing businesses of all sizes in announcing the formation of a new coalition that will tackle shareholder activism and other important corporate governance issues. The Corporate Governance Coalition for Investor Value will work to advocate for strong corporate governance policies that promote long-term growth and value for shareholders. (continue reading…)

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Music to Manufacturers’ Ears

Manufacturers know all too well that Congress does not always operate in a way that maximizes business productivity and investment. A prime example is the package of over 50 plus temporary tax provisions, a.k.a. “tax extenders” that expired at the end of 2014 – just two weeks after Congress finally got around to passing them in the first place. (continue reading…)

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Medical Device Tax Repeal Gains Momentum

Earlier today, the House of Representatives voted in favor of H.R. 160, the Protect Medical Innovation Act introduced by Rep. Paulsen (R-MN) to repeal the ill-conceived excise tax on the gross sales of medical devices. The decisive, bipartisan vote shows that Congress understands the negative impact this burdensome tax has had on medical device manufacturers, their employees and the patients that rely on their life-saving products. (continue reading…)

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A Bonus for the Economy

The NAM this week lead the business community in sending a letter to the House Ways and Means Committee urging support for and swift action on Rep. Tiberi’s (R-OH) bill to make bonus depreciation and the comparable accelerated use of AMT credits in lieu of bonus depreciation permanent. This bipartisan legislation, HR 2510, was introduced in May with a list of cosponsors that includes almost all of the Republican side of the Ways and Means dais. This is the second go-around on this bill for Rep. Tiberi, who authored a very similar bill last year which passed the House with significant bipartisan support last summer. (continue reading…)

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Kudos to Congressional Taxwriters for Sounding the Alarm on BEPS

In a letter yesterday to Treasury Secretary Jack Lew, Senate Finance Committee Chair Orrin Hatch (R-UT) and House Ways and Means Committee Chair Paul Ryan (R-WI) reminded Secretary Lew of the critical need for the Treasury Department to “remain engaged with Congress” on their participation in the on-going Base Erosion and Profit Shifting (BEPS) project at the Organization for Economic Co-operation and Development (OECD). The Chairmen made clear that “[r]egardless of what Treasury agrees to as part of the BEPS project,” it’s Congress’ job to craft U.S. tax policy. (continue reading…)

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House Steps Up to Pass Important End-User Fixes in CFTC Reauthorization Bill

Manufacturers use derivatives to hedge against fluctuations in interest rates, currency, and commodity prices. These derivatives end-users did not contribute to the financial crisis, but could soon face regulatory requirements intended for the financial institutions that were responsible. That is, unless Congress steps in to pass legislation to protect manufacturers and other end-users. (continue reading…)

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This Could Be the Year!

Every sports fan begins their team’s season thinking, “this could be the year” and hopes for the stars to align so that they can watch their favorite team in the title game.

In the tax policy world, we continue to hope that this is the year where Congress will pass, and the Administration will sign into law, comprehensive tax reform. However, just as athletes know you cannot forget about the fundamentals, as Congress continues to work towards comprehensive tax reform, they need to also ensure that the basics of sound tax policy are in place for our economy to grow. To that end, manufacturers across the country applaud the introduction today of H.R. 2510 by Rep. Pat Tiberi (R-OH) that would make permanent 50% first year expensing, aka “bonus depreciation” along with a complimentary provision which allows companies with AMT credits to accelerate the use of these credits in lieu of bonus depreciation. (continue reading…)

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