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Proposed Federal ‘Book Tax’ Puts Burden on Manufacturers

TMA Media August 2, 2022

From Industry Week

The proposed “book tax” in the Senate’s reconciliation bill “would overwhelmingly hit U.S. manufacturers,” according to a new analysis by the Joint Committee on Taxation, Congress’s non-partisan tax scorekeeper.

What’s Going On
The reconciliation bill, the outline of which was released Wednesday by Senate Majority Leader Chuck Schumer (D-NY) and Sen. Joe Manchin (D-WVA), proposes a 15% minimum corporate levy, or “book tax,” on certain companies.

The provision is estimated to raise $313 billion, and JCT finds that manufacturers would be responsible for paying nearly half of it.

More at Industry Week


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