Taxation

Death and Taxes – Estate Tax Repeal Introduced in Senate

While death and taxes are two facts of modern life, death by taxes may soon be less of a worry for small and medium-sized family-owned manufacturers. During last week’s budget “Vote-a-rama,” where hundreds of amendments were offered and considered, Senator John Thune (R-SD) proposed S. AMDT. 607 to reintroduce his plan to repeal the “death tax.” This macabre term is given to the burdensome estate tax on an owner’s right to transfer property at his/her death. (continue reading…)

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Spring Showers Bring Highway Construction Season

As the calendar page turns to spring and the snowy parts of our nation defrost, attention turns to the upcoming highway and infrastructure construction season. Too long stitched together by a series of short term funding patches or short term reauthorizations, our nation’s infrastructure is in need of a long term solution to provide consistent funding for much needed upgrades and repairs to our country’s crumbling infrastructure. (continue reading…)

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Death and Taxes – Maybe Not So Certain Any Longer

It’s long been said that the only two things certain in life is death and taxes. Well, for too many family owned businesses this certainty is compounded by the long reviled death tax which is a burden to all successful family-owned businesses. That’s why the National Association of Manufacturers (NAM) applauds Chairman Ryan and the House Committee on Ways and Means for their prompt consideration of H.R. 1105 “Death Tax Repeal Act of 2015”. The bill introduced by Representatives Brady (R-TX) and Bishop (D-GA) issues would finally, fully repeal the death tax. (continue reading…)

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Support in Congress Grows for a Stronger R&D Incentive

Manufacturers know first-hand that the lack of a permanent tax incentive for R&D investment is negatively impacting US competitiveness in the global economy. Instead, the US R&D tax credit is constantly being extended temporarily and allowed to expire before companies can even consider factoring in the credit for their future investment budgets. Meanwhile, other countries are ramping up their R&D investment incentives and courting US manufacturers to look abroad. (continue reading…)

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Let’s Set the Record Straight on “Transparency” and “Loopholes

One of NAM’s goals is to make the United States the best place to manufacture and attract foreign direct investment. There are many things policy makers can do to help achieve this goal, including creating a favorable tax climate. On the flip side, there are a number of ways policy makers can make this goal even harder to achieve, for example by imposing costly, unnecessary, anti-competitive rules and regulations. A case in point is legislation—the Truth in Settlements Act—introduced by Sen. Elizabeth Warren (D-MA) and Rep. Matt Cartwright (D-PA) and several other bills that aim to change the tax treatment of fines and penalties. (continue reading…)

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House Tax Writers Approve Permanent R&D Incentive

Under the leadership of new Chairman Paul Ryan, the House Ways and Means Committee voted to advance legislation to strengthen and make permanent the R&D tax credit. (continue reading…)

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Something We Can All Agree On

Sometimes it seems as though there’s little to agree on in Washington, D.C. but every now and again you can see the outlines of important areas of agreement. In the past day this has occurred in a little corner of the tax arena concerning what is known as enhanced Section 179 expensing and making this on and off provision permanent for small and medium sized businesses. We’ve seen the introduction of a bipartisan bill in the House, H.R. 646 by Reps. Pat Tiberi (R-OH) and Ron Kind (D-WI). This also coincided with the release of the President’s budget request to Congress includes a provision that would make enhanced Section 179 permanent (albeit at a different level than the legislative proposals) and in the Senate with the introduction of the “Start-up Jobs and Innovation Act” by Sens. Pat Toomey (R-PA), Bob Menendez (D-NJ), Pat Roberts (R-KS) and Tom Carper (D-DE). The NAM appreciates the leadership of the Senators in supporting this provision and including it in their legislation. (continue reading…)

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Try, Try Again

Kudos from America’s manufacturers again go to Reps. Pat Tiberi (R-OH) and Ron Kind (D-WI) for reintroducing their bipartisan bill, H.R. 636, make enhanced Section 179 expensing permanent. This bill, “America’s Small Business Tax Relief Act” would, if enacted, put an end to what most business-owners have come to think of as a never-ending rollercoaster ride for this critical provision of the tax code. As we’ve long written about in this space, the on-again and off-again nature of too many provisions in the tax code make an already difficult competitive environment worse for too many of our nation’s small and medium sized manufacturers. As chronicled by the NAM last November during “Investment Week,” the fate of policies like enhanced Section 179 plays a role in the investment decisions of business owners across the nation. (continue reading…)

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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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