The U.S.’s tax system is uncompetitive and makes it difficult for manufacturers to stay competitive. Currently the United States has the number 1 Corporate Tax Rate. However, tax incentives and credits have been put in place that allow manufacturers to reinvest, create and retain jobs to become more competitive.
The National Association of Manufacturers advocates strongly on behalf of the manufacturing industry nationwide to renew and extend tax credits that directly affect your industry. According to their recent Statement to the Subcommittee on Select Revenue Measures dated June 8, 2012, “Renewing the tax extenders will provide a bridge of certainty and predictability for manufacturers.”
On Friday, August 3, 2012 the Senate Finance Committee approved the Family and Business Tax Cut Certainty Act. This act extends more than 40 programs including the R&D tax credit and the WOTC tax credit through 2013.
The U.S. offers some of the world’s richest tax incentives, but chances are your organization is not taking advantage of them and getting the cash you deserve. Working with an established cost recovery firm with it’s staff of engineers and attorneys specializing in tax and IP will maximize the credits you qualify for and, most importantly, provide a defense for those credits.