A Deep Dive into How 174 Affects Manufacturers with Westminster Tools
Section 174 puts U.S Manufacturers at a significant disadvantage compared to their global competitors, as China provides a 200% deduction for R&D expenses for manufacturers, whereas the U.S only allows for a 10% deduction in the current year.
Manufacturing has long been the backbone of this country, and in recent years, there has been a push to bring manufacturing back to America. While these efforts were showing success and manufacturing is returning to the U.S, a tax law passed in 2017 that only went into effect in 2022 may mean businesses may not be able to afford to manufacture in the U.S anymore.
Join us in a live discussion with Colby Coombs from Westminster Tools as he shares the direct effects that the newly enacted 174 tax law has had on his business.