Featured Client Spotlights

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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        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.