tax extenders Archives - Shopfloor

Historic Tax Extenders Agreement Provides Certainty, Bridge to Tax Reform

By | Economy, Shopfloor Policy, Taxation | No Comments

Since it was first enacted in 1981, the research and development tax credit has never been a permanent part of the tax code. Instead, the temporary nature of the credit — a characteristic shared by more than fifty other “tax extenders” — has injected uncertainty into business planning for years since it is constantly expiring and often not extended until months later. The good news is that this on-again, off-again debacle could finally be alleviated for good, if Congress approves a historic tax agreement called the Protecting Americans from Tax Hikes (PATH Act).
Read More

Manufacturers Call for Tax Extenders Action on Tax Relief Tuesday

By | Shopfloor Main, Shopfloor Policy, Taxation | No Comments

BRT_TaxExtenders_PrintAdAll year long, the NAM and members of the Broad Tax Extenders Coalition have been urging Congress to act immediately to extend a package of expired tax provisions known as “tax extenders,” forcing this issue to the top of their priority list before the end of the year. Unfortunately, there has not yet been agreement on how to extend the provisions, which is why the NAM is taking the fight to social media and is seeking your help to push for a permanent or multi-year extension of the temporary tax provisions today, Tax Relief Tuesday. Read More

Tax Extenders Champion Takes Helm as New Ways and Means Chairman

By | Shopfloor Policy, Taxation | No Comments

Today’s announcement that Congressman Kevin Brady (R-TX) will take the gavel as chairman of the House Ways and Means Committee may bode well for manufacturers in terms of securing an extension of a package of important tax provisions that expired at the end of 2014, known as “tax extenders.” That’s because Chairman Brady is the sponsor of legislation approved by the House to not only extend the research and development (R&D) tax credit, but also enhance the provision and make it permanent once and for all. Read More

Manufacturers Can’t Afford a Repeat of Last Year’s Tax Extenders “Extension”

By | Shopfloor Policy, Taxation | No Comments

We all remember the lamest of lame-duck congressional sessions last year when Congress waited until December 16 to approve a one-year retroactive extension of the expired temporary tax provisions known as “tax extenders.” This action left only two weeks before the research and development (R&D) credit, investment incentives for businesses of all sizes and provisions to allow greater competitiveness in the global marketplace again expired on December 31. Read More

Coalition Calls on Congress to Act Now on Tax Extenders to Support #JobsandGrowth

By | Taxation | No Comments

Today, the NAM and the Broad Tax Extenders Coalition sent a letter to Congress signed by over two thousand companies, non-profits, coalitions and associations, representing millions of individuals, employees, and businesses of all sizes. The letter called on Congress to act immediately to extend the expired and expiring tax provisions known as “tax extenders.”

Over fifty tax provisions relied upon by millions of Americans expired at the end of 2014. For manufacturers, this means that the research and development tax credit, a driver of innovation and contributor to domestic, high-wage jobs, is not currently available. Also expired are the enhanced expensing limits that allow businesses of all sizes to make capital investments in machinery and equipment, crucial to growth in manufacturing. The competitiveness of US manufacturers that have operations overseas is also currently in jeopardy since deferral for active financing income and the look-through rule for controlled foreign corporations expired late last year.

Congress should give job creation and competitiveness a boost by acting immediately on a permanent or multi-year extension of the expired tax provisions, ending this uncertainty and providing much-needed predictability that fuels economic growth.

Join us by telling your members of Congress to support #JobsandGrowth by acting now on tax extenders.

NAM Applauds Senate Finance for Moving Tax Extenders Package

By | Taxation | No Comments

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. Read More

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

By | Taxation | No Comments

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. Read More

Tax Extenders are a Must-Do Item This Year, and the Sooner the Better

By | Taxation | No Comments

NAM continues to urge Congress to act on tax extenders as soon as possible as a bridge of certainty until comprehensive tax reform can be enacted.

The NAM is leading meetings with members of the House and Senate to call on Congress to act immediately when they return for the Lame Duck session to enact a package of over 50 expired and expiring tax provisions, typically called “tax extenders”. Several expired tax provisions are integral for manufacturers to innovate, grow, and compete in the global marketplace. These provisions include the R&D tax credit, enhanced Section 179 expensing, bonus depreciation, the “look-through” rule for controlled foreign corporations (CFCs), and deferral for active financing income. In the coming weeks, the NAM will outline in a series of Shopfloor Blog posts exactly how important these provisions are to the U.S. economy.

Manufacturers are not alone in calling upon Congress to act to restore the expired tax provisions immediately. Recently, IRS Commissioner John Koskinen wrote in a letter to Senate Finance Committee Chairman Ron Wyden (D-WY) that Congress should act on tax extenders no later than November to avoid disruptions and delays to the 2015 tax filing season. In the letter, Koskinen points out that the uncertainty in whether and when Congress may reinstate the expired tax provisions could delay the 2015 filing season and “delay the processing of tax refunds for millions of taxpayers.” The Commissioner also warned that waiting until 2015 to extend the provisions would be even more problematic.

NAM members echo these concerns, and want Congress to know that a failure to enact a retroactive extension of the tax extenders by the end of the year equates to a tax increase on U.S. manufacturers.