IRS Seeks Comments on New Domestic Production Ruling
The Department of the Treasury and the Internal Revenue Service are seeking comments on proposed regulations for the domestic production activities deduction, "Income Attributable to Domestic Production Activity." This is a tax benefit for certain domestic production activities. This deduction provides a tax savings against income attributable to domestic production activities. These regulations affect businesses engaged in manufacturing of personal property; software development; film and music production; production of electricity, natural gas, or water; and construction, engineering, and architectural services.
A public hearing will be held January 11, 2006. The deadline for submitting comments is January 3, 2006.
Candace Ewell at the SBA Office of Advocacy in Washington is looking for comments on ways the complete ruling could be made simpler. Please review a copy of the complete ruling and submit comments to Candace Ewell at [email protected] or (202) 401-9787.
This is an opportunity for manufacturing companies to have an input into an important future ruling, so don’t let this deadline pass you by.
