Taxation

Some Things Just Don’t Improve With Time

Some things like wine or scotch improve with time. Bad regulations though, do not. In fact, if anything, more time just makes it clear how unreasonable some ideas really are. (continue reading…)

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NAM Calls for an Extension of Pension Nondiscrimination Testing Relief

The NAM has blogged previously on the need for relief from an issue that may cause manufacturers to completely close their defined benefit pension plans before they, or the participants in the plan, are ready. While the IRS granted temporary relief from this pension nondiscrimination testing problem, the NAM is urging the agency to grant a much needed extension before the relief runs out this year. (continue reading…)

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Don’t Be So Quick to Dismiss the Growth Potential of Tax Reform

For a number of years, manufacturers have been calling for an overhaul of our tax system, arguing that a simpler, fairer, more competitive and pro-investment tax system will unleash economic growth and the jobs that go with it. A study we released just last week backs this up.

A Missed Opportunity: the Economic Cost of Delaying Pro-Business Tax Reform, takes a close look at the economic impact of enacting a five-prong pro-business tax package that includes a maximum corporate tax rate of 25 percent; a globally competitive international tax system; full expensing for capital equipment; enhanced and permanent research and development incentives; and parallel changes for non-corporate pass-through businesses. (continue reading…)

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Death and Taxes

It’s been said that nothing in life is certain but death and taxes. Well it appears that the President wants to double down on this certainty by proposing to expand the death tax. (continue reading…)

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New IRS Proposal Clarifies Use of R&D Credit for Software

The Department of Treasury and IRS released new guidance last week on the ability of a company to claim the R&D tax credit on computer software that is developed primarily for the company’s internal use.

Manufacturers may be pleased with the guidance since companies are currently unable to count computer software research intended for the company’s own use as a qualified research expense for the purpose of the credit. The proposal more clearly specifies what types of software would be excluded from using the R&D credit (i.e. software used for administrative functions), and provides examples that may be helpful in determining which activities would qualify for the credit. (continue reading…)

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House Advances Legislation that Includes More Relief for Derivatives End Users

The House today passed legislation (H.R. 37) to amend several provisions of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. Included in the package is a NAM-supported bill to prevent manufacturers from facing unintended derivatives clearing requirements simply because they structure using a centralized treasury unit (CTU).

While the Dodd-Frank Act provided an exemption from clearing requirements for end-users that use derivatives to hedge business risk, some manufacturers are still concerned they may be subject to these rules — and the resulting regulatory burden — anyway. The reason stems from the fact that even though these are nonfinancial companies, their use of a CTU to manage derivatives transactions can disqualify them from claiming the end-user clearing exception because the CTU may be considered a “financial entity.” (continue reading…)

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Congress Must Choose Growth Over Gridlock and Pass Tax Extenders Now

Congress has a choice to make over the next two weeks.  It can once again succumb to the gridlock that has gripped Washington for the past several years, or it can choose to encourage job and economic growth by seamlessly extending a package of important tax provisions needed to help U.S. manufacturers invest, expand, and compete. (continue reading…)

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NAM Leads Broad Coalition Effort to Spur Congress to Address Tax Extenders

Both Chambers of Congress received a letter this morning signed by the NAM and over 500 organizations from the Broad Tax Extenders Coalition — a group representing millions of individuals, businesses of all sizes, community development organizations and non-profit organizations – urging Congress to work together during Lame Duck to extend seamlessly, enhance or make permanent the tax provisions that expired in 2013 and those expiring this year. (continue reading…)

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Manufacturers Welcome Congress Back; Say Now Is Time To Govern

As Members of the 114th Congress descend on Washington for orientation, and the 113th Congress convenes for the upcoming lame duck session, manufacturers stand ready to work with our leaders to advance policies that will enable us to continue to grow and create jobs.   Manufacturers believe that now is the time to set aside the differences that have resulted in gridlock, and focus on the pro-growth policies that brought voters to the polls. Simply put, it is time to govern and grow. (continue reading…)

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Investment Incentives Help Farmers

Since 1948, Unverferth Manufacturing has been working to improve and serve America’s farm operations. From humble beginnings as a company begun by a son and his father in their family’s barn manufacturing and marketing dual and triple wheel systems and components, Unverferth today is a leading manufacturer and marketer of tillage equipment, pull-type sprayers, grain carts and grain wagons, and agricultural dual and specialty wheels. Today the company has three manufacturing facilities: two in Ohio and one in Iowa and eight sales branches across North America. (continue reading…)

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