The bill also extends the R&D tax credit for 2012 and 2013 and permanently sets the estate tax at 40% with a $5 million exemption. Senate Finance Committee summary of the new law.
Fiscal issues will continue to dominate the congressional agenda in early 2013, since the new law failed to address comprehensive tax and spending reforms – both critical elements for economic growth, job creation and innovation. There is still much work to be done to ensure that manufacturing remains on a path to strengthen and grow. AMT will be working with the 113th Congress and the second Obama administration to make sure that our industry’s voice is heard throughout the legislative process.