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Manufacturers Wait as Talk of Key Tax Law Changes Prolong

Posted 4:22 PM by

Chairman of the Senate Finance Committee, Max Baucus (D), and head of the House Committee on Ways and Means, Representative Dave Camp (R), recently concluded a summer-long tour of America discussing tax law changes with individuals and businesses. Included in the discussions were several tax items vital to the manufacturing industry, such as LIFO inventory accounting, the domestic activities production deduction, and accelerated depreciation methods, among others. The consensus of many politicians is that in order to offset proposed cuts in corporate tax laws, a number of the aforementioned tax deductions will be cut or limited.

While details regarding specific changes have yet to be proposed, several clean energy-related tax perks are scheduled to expire by the end of 2013. The list includes:

  • The production tax credit for renewable energy (including wind power)
  • Credits for two- or three-wheeled plug in electric vehicles
  • Iincome tax credits for biodiesel, renewable diesel, and other qualified fuel mixtures; and
  • Credits for personal construction of energy-efficient residences and appliances. 

If history is any indication, Congress may extend several of these benefits at the last minute.

Baucus and Camp aim to enact tax reform legislation by the end of 2014. For more information regarding potential tax changes, and taking advantage of current benefits, please consult your KSM tax advisor.

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Katz, Sapper & Miller’s Manufacturing and Distribution Services Group provides traditional tax compliance and assurance services, but what sets us apart is the entrepreneurial spirit. Our strategic solutions will make your company more efficient, competitive, and profitable. Learn more.

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