Manufacturers urged to plan for tax reform

The National Association of Manufacturers and Grant Thornton tax specialists are urging business owners to stay engaged on tax reform.

During a recent webinar, “The Outlook for Tax Reform in 2017,” NAM and Grant Thornton offered advice about what businesses can do now to best position themselves for anticipated changes in the tax code.

Panelists agreed that companies can’t afford to sit back and wait for the legislative process because many planning opportunities must be implemented or planned before tax reform becomes effective.

“We have the best opportunity in as much as 30 years to advance pro-growth, pro-manufacturing tax reform,” said NAM tax and economic policy vice president Dorothy Coleman in a statement.

The factors driving reform, in Coleman’s view, include a complex and outdated U.S. tax code, the highest corporate tax rate among major nations, uncompetitive trade rules and concerns about the national deficit. And businesses, the GOP-controlled Congress and the White House all support tax reform, she said.

“Our advice to our members: Stay engaged,” Coleman said. “This could speed up really quickly. It could take longer than we thought. But I think the fact remains that the administration, Congress and the business community remain very interested in tax reform, and we definitely feel that the time is now.”