Download or read book Federal Tax Benefits for Manufacturing written by Gary Guenther and published by Createspace Independent Publishing Platform. This book was released on 2012-12 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Congress is considering numerous proposals to create new forms of targeted assistance for the manufacturing sector. One of the more contentious issues in the policy debate concerns the role federal policy should play in the allocation of economic resources to and within the sector. This report examines a key element of current federal support for manufacturing: tax benefits. More specifically, it identifies and describes current federal tax preferences that offer significant benefits for small and large manufacturing firms. To broaden the context for the current policy debate over federal support for manufacturing, the report also provides a brief overview of federal non-tax support for manufacturing. In addition, the report identifies bills in the 112th Congress that would enhance current tax preferences and explains how eligible manufacturers might be affected. It concludes with a discussion of the chief arguments for and against additional targeted support for manufacturing and their implications for federal policy. Current federal tax law contains nine provisions with a strong potential to provide significant tax relief to firms primarily engaged in manufacturing. A few of them are targeted at manufacturing; the others tend to benefit manufacturers more than firms in most other sectors. The provisions include the deferral of the active income of controlled foreign subsidiaries of U.S.-based corporations, the research tax credit, the expensing of outlays for research and experimentation, and accelerated depreciation for certain capital assets. Numerous bills have been introduced in the 112th Congress that would enhance some of these tax preferences or create new ones. Among the notable proposals are H.R. 10/S. 1237, H.R. 689, H.R. 1036, H.R. 3476, H.R. 3495, H.R. 5727, S. 256, S. 825, and S. 2237. There is considerable variation among the bills in the extent to which they would benefit manufacturing firms. Several would extend and enhance the research tax credit, extend the generous depreciation allowances that were available in 2011, and allow a full exclusion for gains on small business stock. Proponents of targeted federal assistance for manufacturing make several arguments to back their stance. First, they say the assistance is needed to help the United States become more dependent on exports and domestic production as sources of economic growth. Second, a federal manufacturing policy, in their view, would encourage the creation of more manufacturing jobs, which pay higher wages and benefits, on average, than do non-manufacturing jobs. Third, proponents point out that manufacturing industries perform the vast share of private-sector research and development, and innovation is a primary engine of economic growth. Fourth, they note that manufacturing plays a critical role in the growth of the green economy. And because many foreign governments provide assistance to their manufacturers, say proponents, the United States should do the same to avoid a loss of competitiveness. By contrast, critics of special federal assistance for manufacturing say it is not warranted on economic grounds, since there is no discernible market failure that is peculiar to goods production. They also maintain that promoting job growth in manufacturing would do little to create the millions of jobs needed to achieve full employment again. Finally, in their view, the U.S. economy would benefit more from increased efforts by the federal government to dismantle foreign barriers to expanding U.S. exports of services than from policies aimed at boosting the competitiveness of U.S. manufacturers.

Download or read book Federal Tax Benefits for Manufacturing written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Federal Tax Benefits for Manufacturing written by Gary L. Guenther and published by . This book was released on 2012-11 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Hydrogen and Fuel Cell written by Johannes Töpler and published by Springer. This book was released on 2015-12-20 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book introduces readers to hydrogen as an essential energy carrier for use with renewable sources of primary energy. It provides an overview of the state of the art, while also highlighting the developmental and market potential of hydrogen in the context of energy technologies; mobile, stationary and portable applications; uninterruptible power supplies and in the chemical industry. Written by experienced practitioners, the book addresses the needs of engineers, chemists and business managers, as well as graduate students and researchers.

Download or read book Farmer s Tax Guide written by and published by . This book was released on 1995 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Federal Tax Benefits for Business and the Research Tax Credit written by Harlan Vitagliano and published by Nova Science Publishers. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines a key element of current federal support for manufacturing: tax benefits. More specifically, it identifies and describes current federal tax preferences that offer significant benefits for small and large manufacturing firms. Additionally, technological innovation is a major driving force in long-term economic growth, and research and development (R&D) serves as the lifeblood of innovation. The federal government encourages business R&D in a variety of ways, including a tax credit for a company's increases in spending on qualified research above a base amount. The current status of the tax credit is described, as is its legislative history, the policy issues it raises and legislation in the 112th Congress to modify or extend it.

Download or read book Practical Guide to Research and Development Tax Incentives written by Michael D. Rashkin and published by CCH. This book was released on 2007 with total page 764 pages. Available in PDF, EPUB and Kindle. Book excerpt: CCH's Practical Guide to Research and Development Tax Incentives--Federal, State, and Foreign by Michael Rashkin, J.D., LL.M., provides something that has been missing in professional tax literature--authoritative, comprehensive coverage of this complex and evolving topic. This newly expanded resource is practical, easy to follow, easy to understand, and is particularly effective at clarifying and demystifying this complex subject. It provides well-written, detailed guidance on claiming the federal credit for increasing research activities and the deduction for R & D expenditures. In doing so, it explains the elements of qualified research, exclusions, computational rules, and basic research payment credits. Historically, the IRS has been vigilant in denying R & D credits. This resource explains how to satisfy the IRS's requirements, document the credit, and defend against IRS challenges. It also examines research incentives offered by individual states and describes the R & D incentives available in the major economies of the world, offering helpful charts that show the key differences among the various countries.

Download or read book Farmer s Tax Guide Publication 225 For Use in Preparing 2020 Returns written by Internal Revenue Service and published by . This book was released on 2021-03-04 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: vate, operate, or manage a farm for profit, either as owner or tenant. A farm includes livestock, dairy, poultry, fish, fruit, and truck farms. It also includes plantations, ranches, ranges, and orchards and groves. This publication explains how the federal tax laws apply to farming. Use this publication as a guide to figure your taxes and complete your farm tax return. If you need more information on a subject, get the specific IRS tax publication covering that subject. We refer to many of these free publications throughout this publication. See chapter 16 for information on ordering these publications. The explanations and examples in this publication reflect the Internal Revenue Service's interpretation of tax laws enacted by Congress, Treasury regulations, and court decisions. However, the information given does not cover every situation and is not intended to replace the law or change its meaning. This publication covers subjects on which a court may have rendered a decision more favorable to taxpayers than the interpretation by the IRS. Until these differing interpretations are resolved by higher court decisions, or in some other way, this publication will continue to present the interpretation by the IRS.

Download or read book U S Investment Since the Tax Cuts and Jobs Act of 2017 written by Emanuel Kopp and published by International Monetary Fund. This book was released on 2019-05-31 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is no consensus on how strongly the Tax Cuts and Jobs Act (TCJA) has stimulated U.S. private fixed investment. Some argue that the business tax provisions spurred investment by cutting the cost of capital. Others see the TCJA primarily as a windfall for shareholders. We find that U.S. business investment since 2017 has grown strongly compared to pre-TCJA forecasts and that the overriding factor driving it has been the strength of expected aggregate demand. Investment has, so far, fallen short of predictions based on the postwar relation with tax cuts. Model simulations and firm-level data suggest that much of this weaker response reflects a lower sensitivity of investment to tax policy changes in the current environment of greater corporate market power. Economic policy uncertainty in 2018 played a relatively small role in dampening investment growth.

Download or read book Effects of U S Tax Policy on Greenhouse Gas Emissions written by National Research Council and published by National Academies Press. This book was released on 2013-06-20 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. Congress charged the National Academies with conducting a review of the Internal Revenue Code to identify the types of and specific tax provisions that have the largest effects on carbon and other greenhouse gas emissions and to estimate the magnitude of those effects. To address such a broad charge, the National Academies appointed a committee composed of experts in tax policy, energy and environmental modeling, economics, environmental law, climate science, and related areas. For scientific background to produce Effects of U.S. Tax Policy on Greenhouse Gas Emissions, the committee relied on the earlier findings and studies by the National Academies, the U.S. government, and other research organizations. The committee has relied on earlier reports and studies to set the boundaries of the economic, environmental, and regulatory assumptions for the present study. The major economic and environmental assumptions are those developed by the U.S. Energy Information Administration (EIA) in its annual reports and modeling. Additionally, the committee has relied upon publicly available data provided by the U.S. Environmental Protection Agency, which inventories greenhouse gas (GHG) emissions from different sources in the United States. The tax system affects emissions primarily through changes in the prices of inputs and outputs or goods and services. Most of the tax provisions considered in this report relate directly to the production or consumption of different energy sources. However, there is a substantial set of tax expenditures called "broad-based" that favor certain categories of consumption-among them, employer-provided health care, owner-occupied housing, and purchase of new plants and equipment. Effects of U.S. Tax Policy on Greenhouse Gas Emissions examines both tax expenditures and excise taxes that could have a significant impact on GHG emissions.

Download or read book Rethinking Property Tax Incentives for Business written by Daphne A. Kenyon and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The use of property tax incentives for business by local governments throughout the United States has escalated over the last 50 years. While there is little evidence that these tax incentives are an effective instrument to promote economic development, they cost state and local governments $5 to $10 billion each year in forgone revenue. Three major obstacles can impede the success of property tax incentives as an economic development tool. First, incentives are unlikely to have a significant impact on a firm's profitability since property taxes are a small part of the total costs for most businesses--averaging much less than 1 percent of total costs for the U.S. manufacturing sector. Second, tax breaks are sometimes given to businesses that would have chosen the same location even without the incentives. When this happens, property tax incentives merely deplete the tax base without promoting economic development. Third, widespread use of incentives within a metropolitan area reduces their effectiveness, because when firms can obtain similar tax breaks in most jurisdictions, incentives are less likely to affect business location decisions. This report reviews five types of property tax incentives and examines their characteristics, costs, and effectiveness: property tax abatement programs; tax increment finance; enterprise zones; firm-specific property tax incentives; and property tax exemptions in connection with issuance of industrial development bonds. Alternatives to tax incentives should be considered by policy makers, such as customized job training, labor market intermediaries, and business support services. State and local governments also can pursue a policy of broad-based taxes with low tax rates or adopt split-rate property taxation with lower taxes on buildings than land.State policy makers are in a good position to increase the effectiveness of property tax incentives since they control how local governments use them. For example, states can restrict the use of incentives to certain geographic areas or certain types of facilities; publish information on the use of property tax incentives; conduct studies on their effectiveness; and reduce destructive local tax competition by not reimbursing local governments for revenue they forgo when they award property tax incentives.Local government officials can make wiser use of property tax incentives for business and avoid such incentives when their costs exceed their benefits. Localities should set clear criteria for the types of projects eligible for incentives; limit tax breaks to mobile facilities that export goods or services out of the region; involve tax administrators and other stakeholders in decisions to grant incentives; cooperate on economic development with other jurisdictions in the area; and be clear from the outset that not all businesses that ask for an incentive will receive one.Despite a generally poor record in promoting economic development, property tax incentives continue to be used. The goal is laudable: attracting new businesses to a jurisdiction can increase income or employment, expand the tax base, and revitalize distressed urban areas. In a best case scenario, attracting a large facility can increase worker productivity and draw related firms to the area, creating a positive feedback loop. This report offers recommendations to improve the odds of achieving these economic development goals.

Download or read book Tax Policy written by United States. General Accounting Office and published by . This book was released on 1990 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Tax Bill of a Selected Manufacturing Corporation in Six Southeastern States written by Clarence Heer and published by . This book was released on 1945 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Comparison of Tax Incentives of Domestic Manufacturing written by and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several tax bills have been introduced to eliminate the extraterritorial income (ETI) provision of the U.S. tax code that has been found to contravene trade agreement restrictions against export subsidies by the World Trade Organization (WTO). These bills contain tax cuts for domestic manufacturing which offset the loss of the export benefit, but take different approaches to the design of the manufacturing tax benefit. H.R. 1769 (Crane and Rangel), would allow a percentage reduction of the corporate tax rate that is proportional to the share of total output that is domestic. (A similar bill, S. 970, was sponsored by Senator Hollings.) An initial version of H.R. 2896, sponsored by Ways and Means Committee Chairman Thomas would have provided accelerated depreciation for manufacturing equipment in a bill that has many other provisions, although that provision was replaced by a reduction in the tax rate on manufacturing. (A similar bill, S. 1475, was sponsored by Senator Hatch.) S. 1637, originally sponsored by Senate Finance Committee Chairman Grassley and Ranking Member Baucus, and reported from the Senate Finance Committee would provide a rate cut similar to that in H.R. 1769. It would incorporate, but then phase out, the provision adjusting the cut for the share of production that is domestic. This bill also contains a number of other provisions. Although the overall revenue cost of the rate cuts is larger than the effect of accelerated depreciation initially proposed in H.R. 2896, the provisions overall have about the same magnitude of effects on manufacturing tax burdens on new investment, reducing them by about 4%. The small revenue cost of accelerated depreciation can produce a similar incentive effect because it does not benefit the return to existing capital. These incentive effects would more than offset the lost benefit from the repeal of ETI. The approach in H.R. 1769 would, however, have a more certain and larger effect on encouraging domestic investment in manufacturing. First, additional domestic investment would have both a direct tax benefit effect, and an indirect effect through increasing the ratio of domestic to world production. Secondly, if one considers the other provisions of H.R. 2896 and S. 1637, these provisions provide benefits (in some cases quite large benefits) to investment overseas that could more than offset any domestic incentive. Within manufacturing, accelerated depreciation tends to introduce distortions across asset type, while rate reductions, particularly if confined to corporate rates, reduce distortions between debt and equity and corporate and noncorporate investment. The two approaches have quite different implications for tax administration and compliance. Although any provision that singles out an activity to favor will encounter administrative costs in ascertaining the qualified activities, accelerated depreciation applied to manufacturing assets is probably feasible to administer without a great deal of additional cost. A rate reduction for a specific activity would, however, potentially lead to significant increases in these costs as firms that operate in many different activities attempt to claim manufacturing status and to transfer taxable income into their manufacturing activities through distortions in withincompany transfer prices and misallocations of deductions and passive income. This report will be updated to reflect legislative developments.

Download or read book Income Averaging written by United States. Internal Revenue Service and published by . This book was released on 1985 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Congressional Record written by United States. Congress and published by . This book was released on 1971 with total page 1380 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Congressional Record is the official record of the proceedings and debates of the United States Congress. It is published daily when Congress is in session. The Congressional Record began publication in 1873. Debates for sessions prior to 1873 are recorded in The Debates and Proceedings in the Congress of the United States (1789-1824), the Register of Debates in Congress (1824-1837), and the Congressional Globe (1833-1873)

Download or read book U s Export Incentives And Investment Behavior written by Ganga P Ramdas and published by Westview Press. This book was released on 1991-08-04 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: