President Biden signed into law the CHIPS and Science Act of 2022 (CHIPS Act) in early August 2022 to further manufacturing capacity, R&D, and develop workforce programs.
Hiring Incentives that Make Manufacturing a Career Choice
One way to entice more manufacturing sector workers is by offering an impressive slate of employee benefits. Doing so can help you attract and retain top talent.
TCJA Increased Tax Threshold Allows Manufacturers to Receive Tax Credits
The definition of a small manufacturer was changed in 2017 with the Tax Cuts and Jobs Act (TCJA) increasing the threshold of a small manufacturer from $5 million to $25 million (gross receipts). With the expanded eligibility, you may be eligible for tax benefits.
If you have operations in multiple states you will need to consider a Nexus Study. A Nexus Study provides a manufacturer with a look into the out-of-state taxes your operations may be exposed to.
