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Article: Tax credits too little, too late for many: accountants agree. (investment tax credit, textile and clothing industries)
- Article from:
- Daily News Record
- Article date:
- March 4, 1993
- Author:
CopyrightCOPYRIGHT 1993 Conde Nast 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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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 textile-apparel trades are disappointed with the credit because of its complexity and its limits on companies with sales of $5 million or more.
The old tax credit, which expired in 1986, provided a simple, 10 percent across-the-board tax credit for all machinery and equipment expenditures. The Clinton proposal is much more complex.
For companies with annual revenues of $5 million or more, the credit is 7 percent, and it runs for just two years, 1993 and 1994. ...