Manzullo introduces bill to increase tax incentives for manufacturers
Posted By Brandon Reid On December 3, 2009 @ 1:21 pm In Happening Now | 1 Comment
WASHINGTON, D.C.—U.S. Rep. Don Manzullo (R-16) introduced legislation to boost the economy and put Americans back to work by accelerating an existing tax incentive he co-authored that encourages manufacturers to keep jobs in the United States.
The American Jobs Creation Act of 2009 (H.R. 4189) would speed up a domestic manufacturing tax rate reduction to give large and small manufacturers a larger tax break on the goods they produce in the United States.
The tax incentive—which Manzullo helped create in 2004—provides a 6 percent tax rate reduction for manufacturers on the goods and services they produce in the United States. The tax rate reduction is scheduled to increase to 9 percent by 2010, but the bill Manzullo introduced would accelerate the phase-in to 9 percent retroactively to Jan. 1, 2009, allowing manufacturers to reap the higher tax benefits on their income tax returns early next year.
“This legislation gives our manufacturers an extra 3 percent cut in their tax rate immediately that they can use to expand and create jobs in America,” Manzullo said. “This legislation would provide a tremendous boost to our economy and help put Americans back to work. It should be included in any new jobs bill Congress considers in the next few weeks.”
Manzullo, co-chairman and founder of the House Manufacturing Caucus, helped author the domestic manufacturing tax deduction in 2004 during debate over how to replace the Foreign Sales Corporation/Extraterritorial Income (FSC/ETI) program that provided tax incentives to U.S. exporters.
The World Trade Organization had ruled FSC/ETI an illegal subsidy and forced Congress to eliminate it. During debate over how to replace FSC/ETI, Manzullo persuaded his colleagues to spread the deduction to both small and large manufacturers, and limit the eligibility to domestic production to encourage manufacturers to keep jobs in the United States.
The bill Manzullo introduced is part of his American Jobs Agenda, a compilation of years of legislative and administrative actions focused on making American companies more competitive so they can expand and create jobs.
Article printed from The Rock River Times: http://rockrivertimes.com
URL to article: http://rockrivertimes.com/2009/12/03/manzullo-introduces-bill-to-increase-tax-incentives-for-manufacturers/
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