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Small manufacturers overlooked in latest versions of tax relief bill
- July 29, 2004
- News Release
- Shop Management
In an effort to fix legislation concerning export tax breaks that were ruled illegal by the World Trade Organization (WTO), the House and Senate have passed new versions of the bill. The new versions, which are about to be reconciled, repeal the illegal export tax breaks and contain similar tax relief, including an extension of the vital research-and-development tax credit, a number of international tax reforms, and enhanced investment incentives for small businesses.
A centerpiece provision in both bills is a tax break for manufacturing income; however, this is one area where the House and Senate bills differ, the National Association of Manufacturers (NAM) warns. According to NAM, the manufacturers' tax break in the Senate bill would apply to all U.S. manufacturers, regardless of their business structure. On the other hand, the tax break in the House bill applies only to C-corporation manufacturers. S-corporations and unincorporated entities, such as LLC, are not included in the House version.
NAM urges business owners of S-corporations and unincorporated entities to contact their representatives and senators to make sure that any type of manufacturing tax break applies to all manufacturers.
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The Fabricator is North America's leading magazine for the metal forming and fabricating industry. The magazine delivers the news, technical articles, and case histories that enable fabricators to do their jobs more efficiently. The Fabricator has served the industry since 1970.
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- Podcasting
- Podcast:
- The Fabricator Podcast
- Published:
- 04/16/2024
- Running Time:
- 63:29
In this episode of The Fabricator Podcast, Caleb Chamberlain, co-founder and CEO of OSH Cut, discusses his company’s...
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