Help bring the Section 199 deduction back to RI manufacturersMay 20, 2014
The bill to reinstate the Section 199 ‘Domestic Production Activities Deduction’ (H7740) will be heard in House Finance on Thursday evening (Room 35 at the Rise [after the floor session]).
We have previously written about the importance of the Section 199 deduction for manufacturers (also known as the domestic production activities deduction or the manufacturers’ deduction). The Section 199 deduction can lead to some significant tax savings at the federal level, but due to a change made to RI tax law during 2013, RI Manufacturers lost the ability to claim this deduction for state income tax purposes.
The RI General Assembly has the ability to correct this change, and will be having a hearing on May 22, 2014 at the State House to hear the bill, which, if passed, would help simplify tax compliance for the taxpayers impacted by this change. It is important that the General Assembly hear from the constituents that are impacted by this change, so make sure your voice is heard on May 22.