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With R&D Tax Breaks in Limbo, Exporting May Be Key to Manufacturing Growth
08-17-2012 / By:
Itís no secret that US manufacturing has been making a comeback as of late. Growth has been slow but steady, as jobs have started to grow across multiple areas of the manufacturing world. That said, there is a threat looming for that growth.
There was a great blog posted on Chemweek.com early this week that painted a rather gloomy picture for small to midsized manufacturers in the near term. The article focused largely on chemical manufacturers, and the Bush era tax cuts. The article also focused on R&D tax credits that chemical manufacturers often use to innovate and grow.
Fear over recent talk that the Bush era tax cuts wonít be renewed, as well as a lack of chatter regarding a R&D tax credit extension has caused growth in the in the industry to grind to a halt. But some of those fears may be unnecessary.
We spoke with Stephen Ragow, a board member of the US International Trade Commission. While he was quick to point out that there is no guarantee that the R&D tax credits were going to be renewed, he indicated that it was very likely that the delay is more of a political issue. With this being an election year both sides of the aisle would like to be able to claim that they are the party responsible for extending tax credits that directly benefit small business and the manufacturing industry.
Of course, that means that manufacturers will have to wait until close to the end of the year before getting any reassurance from the Government with regards to new R&D breaks.
In the interim, Ragow pointed out that there are still ways for manufacturers to grow their business with the help of the government. Exporting has become an important focus of the government. So much so that there are commissions designed specifically to match manufacturers with foreign entities interested in their products. In addition, there are tax incentives available to businesses that explore export opportunities.
While uncertainty is still prevalent throughout the manufacturing industry, there are opportunities to continue to grow without having to take a wait and see approach. For those interested in hearing more about export opportunities, Ragow will be speaking at an exporting seminar next month that will also be live-streamed online.