Taxation

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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Investment + Innovation = Growth

As part of “Investment Week” we want to highlight the role that pro-investment tax policy plays in the success of our nation’s manufacturing sector. These provisions are used by manufacturers large and small and are a particularly high priority for small and medium-sized manufacturers. In order to compete in a worldwide economy, manufacturers need to plan and invest and meet emerging needs. Extension of the pro-growth policies that expired at the end of 2013 would amount to a major step towards a tax code that will promote investment. (continue reading…)

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Investing in Cutting-Edge Technologies

The NAM has long advocated for pro-investment tax policies including investment incentives like enhanced Section 179 expensing, 50 percent first year expensing also known as “bonus depreciation” and provisions that allow companies to accelerate the use of AMT credits in lieu of bonus. (continue reading…)

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Congress Needs to Reinstate the R&D Tax Credit: Manufacturers Depend on It

The research and experimentation tax credit — aka the R&D tax credit — is intended to be an incentive for companies to invest in critical domestic R&D, which creates high-wage jobs here in the U.S. and leads to the innovative products and new technologies that are so important to our economy. Unfortunately, it’s been almost a year since the R&D credit expired, increasing costs and creating uncertainty for thousands of manufacturers conducting R&D. (continue reading…)

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