Pittsburgh, Pennsylvania – Printing Industries of America applauds the United States House of Representatives on its passage of HR 1 “Tax Cuts and Jobs Act” yesterday November 16, 2017. The bill, which passed 227-205, is a comprehensive tax reform set to benefit the nation's economy.
“Printing Industries of America was pleased that lawmakers recognized the importance of advertising by preserving the more than 100-year-old deduction for companies to promote their products and services,” said Michael Makin, President and CEO of Printing Industries of America. “We now turn to engaging with the US Senate to represent printers of all sizes as that chamber moves forward on its version of tax reform.”
Printing Industries of America member companies, their employees, and industry stakeholders would benefit in particular from HR 1 in the form of:
- Lowering of the corporate rate to 20 percent, and, most importantly, lowering of S-Corp or “pass through” tax rate to 25 percent. The vast majority of Printing Industries of America members would be filing at this new, proposed 25 percent rate
- Immediate and full expensing of capital equipment
- Doubling of the estate or “death” tax exemption to $10 million with eventual full repeal in six years. This new exemption rate would remove the current estate tax planning burden and succession challenges for 99 percent of the hundreds of family-owned printing companies
- Protecting the ability of small businesses to write off interests on business loans
- Elimination of the Alternative Minimum Tax (AMT)
PIA will continue to monitor the progress of tax reform and inform its members as developments are announced.