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Tax credits too little, too late for many: accountants agree. (investment tax credit, textile and clothing industries)
- Article from:
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Daily News Record
- Article date:
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March 4, 1993
- Author:
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Copyright informationCOPYRIGHT 1993 Fairchild Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The textile industry believes that Pres Bill Clinton's proposed investment tax credit is too complicated and is too limited. The tax credit would offer companies with annual earnings of $5 million or over a credit of 7% for 1993 and 1994. Furthermore, only expenditures of over 70% of their average yearly expenses would be eligible for credit during 1993 and over 80% during 1994. Smaller companies would receive a 7% tax credit for all equipment purchases during 1993 and a 5% tax credit in 1994.
NEW YORK (FNS) -- The investment tax credit proposed by the Clinton Administration has little to offer most textile manufacturers, say tax experts.
Accountants practicing in the ...
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