CLIENT SPOTLIGHT: Grillo's Pickles

If you haven't been to the Grillo's Pickles website, you should. There, you'll find the fantastic story of how this company began. We've copied part of it here to save you a click.

Grillo's Pickles began with a pickle cart, just a small wooden stand in downtown Boston, where Travis Grillo and his friends would sell two spears for one dollar. Travis would make the pickles by night using his family's 100-year old recipe - one he'd memorized from making pickles every summer as a kid. In the morning, Travis would bike to the Boston Common and set up the cart with his buddies. They'd hang out all day, urging people to try the simple Grillo family pickle. It was a small business but Travis worked hard for it. He made more pickles, biked more miles, and slept less hours than he ever had before.
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CLIENT SPOTLIGHT: Factory Five Racing

Factory Five Racing was founded in 1995. Over the years they have grown from a start-up business in a small garage to become the world's largest manufacturer of "build-it-yourself" component car kits. They employ a full-time crew of about 40 people, and are located in Wareham, Massachusetts (about an hour south of Boston). They make their products right here in the USA, in the heart of New England where American manufacturing was born.
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Fred and Danny Magnanimi grew up watching their father create beautiful, handcrafted jewelry in the family's Cranston, RI jewelry manufacturing business. When the boys grew up, Fred moved to New York and began working on Wall Street as an investment banker, while younger brother Danny, still enamored by the family business, stayed home. Increased competition from overseas businesses created significant challenges for the business, but Danny was confident he could find a way for the family business to evolve and thrive. This was his mission, this was his passion.
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        President Biden's Proposed Infrastructure Plan Includes Business Tax Provisions to Incentivize Infrastructure Investments and Fund the Plan

        On Wednesday, March 31st, President Biden released a summary of his administration’s proposed The American Jobs Plan (the “TAJP”). TAJP is a $2 trillion proposal focusing on public domestic infrastructure investments. To help incentivize infrastructure investments and fund the proposals, the TAJP summary includes the following tax related provisions:

        • Increasing the corporate tax rate to 28 percent (from 21 percent currently),
        • Changing how U.S. corporations are taxed on international operations including increasing the minimum tax on U.S. corporations to 21 percent and calculating it on a country-by-country basis, eliminate the exemption of a 10 percent return on tangible investment abroad (QBAI) and making it harder for U.S. corporations to “invert”,
        • Adding a 15 percent minimum tax on the income corporations use to report their profits to investors—known as “book income”,
        • Increasing audits of large corporations,
        • Adding a new tax credit to provide incentives to low- and middle-income families and to small businesses to invest in disaster resilience,
        • Creating a targeted investment tax credit that incentivizes the buildout of at least 20 gigawatts of high-voltage capacity power lines,
        • Proposing a ten-year extension and phase down of an expanded direct-pay investment tax credit and production tax credit for clean energy generation and storage, and
        • Proposing an expanded tax credit to encourage businesses to build childcare facilities at places of work.
        In addition, although not in the summary there has also been discussion about increasing the highest tax rate on individuals back to 39.6% (from 37% currently). No details have been provided regarding any of these proposals, and it is uncertain whether any will be enacted into law and if so, in what form.

        Partridge Snow & Hahn counsel Russell Stein is ready to answer further questions and advise your business on the tax related provisions included in The American Jobs Plan. For additional information and resources visit the firm’s COVID-19 Advisory Group page.