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Documents on Taxation, Manufacturing
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|Cleaning House: Virginia Denies Manufacturing Exemption for Cleaning Products|
Andrew D. Appleby, Kathryn E. Pittman; Sutherland Asbill & Brennan LLP;
September 4, 2014, previously published on August 28, 2014 The Virginia Tax Commissioner determined that an ink manufacturer’s purchase of cleaning chemicals did not qualify for the industrial manufacturing exemption from sales and use tax. To avoid color contamination, the taxpayer had to regularly clean the equipment used to produce the ink with...
|Funds Investing in U.S. Manufacturing Companies: Foreign Investor Considerations|
Annette De La Torre; Foley & Lardner LLP;
August 25, 2014, previously published on August 20, 2014Operators of manufacturing companies, especially those considering a sale or capital raise, should understand investors’ concerns regarding direct investment. Today, investment funds with investors and investments in multiple jurisdictions constitute a large part of the U.S. manufacturing...
|Massachusetts Authorizes Commission to Study Tax Credit for Medical Device Manufacturers|
McDonald Hopkins LLC;
August 19, 2014, previously published on August 14, 2014Massachusetts will create a commission to study the feasibility of implementing a tax credit for medical device manufacturing companies to offset the federal medical device tax. The medical device tax is a 2.3 percent excise tax on medical device sales imposed on the industry since Jan. 1, 2013, as...
|Puerto Rico: A Haven for Manufacturers?|
Rosana M. Gutierrez; Foley & Lardner LLP;
July 25, 2014, previously published on July 23, 2014Perhaps not surprisingly to those familiar with the tropical island, manufacturing remains a key driver of economic activity in Puerto Rico. Indeed, manufacturing accounts for 45% of Puerto Rico’s GDP (compared to 11% in the U.S.) and over 20% of the island’s jobs. Many U.S....
|New Sales and Use Tax Exemption for Manufacturers and Processors|
June 3, 2014, previously published on May 27, 2014Effective April 30, 2014, a new sales and use tax exemption is available for purchases of industrial machinery and equipment by an "eligible manufacturing business" that will be used at a fixed location in Florida for the manufacture, processing, compounding, or production of tangible...
|New Michigan Exemptions May Offer Tax Savings|
John R. Taylor II; Foster Swift Collins Smith P.C.;
December 20, 2013, previously published on December 18, 2013There have been several recent tax changes to Michigan tax law. New exemptions may be valuable to you. Consult a tax professional for advice as to how to make the most of available tax benefits.
|Recent Tax Measures Provide Opportunities for Multinational Companies|
Ricardo Ciconelo, Lucas Kurtz, Joaquim Manhaes Moreira, Daniel Takaki; Manhães Moreira e Ciconelo Sociedade De Advogados;
December 4, 2013, previously published by International Law Office on October 7, 2011Developments in Brazil's mining and oil industry, preparations for international sporting events and increased consumer demand have prompted the Brazilian government to enact new tax measures.
|Maximising the Value of Indirect Tax Credits|
Ricardo Ciconelo, Lucas Kurtz, Joaquim Manhães Moreira, Daniel Takaki; Manhães Moreira e Ciconelo Sociedade De Advogados;
December 4, 2013, previously published by International Law Office on January 20, 2012When manufacturers acquire inputs (eg, raw materials or components), indirect tax is incurred. This indirect tax is equivalent to the tax initially paid by the supplier subsequently passed on to the manufacturer through the cost of the input. The manufacturer receives a tax credit for the indirect...
|US Tax Court Issues Key Section 199 Decision for Contract Manufacturing Arrangements|
Skadden Arps Slate Meagher Flom LLP;
November 5, 2013, previously published on November 4, 2013In a case of first impression, the United States Tax Court has applied the Section 199 domestic production rules in a contract manufacturing context. In Advo, Inc. & Subsidiaries v. Commissioner, the court rejected the view advocated by many taxpayers that the Section 199 regulations should be...
|IRS Clarifies Manufacturing Exception, Addresses Contract Manufacturers|
Gregory T. Bryant; Williams Mullen;
October 25, 2013, previously published on October 24, 2013In a recent private letter ruling, PLR 201340010, the Internal Revenue Service (the “IRS”) provides us with insights into meeting the “manufacturing exception” for foreign base company sales income (“FBCSI”) under § 954(d) of the Internal Revenue Code (the...