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Lincoln Electric Acquires Welding-Automation Systems Integrator
Metalforming Industry Movers & Shakers
Precision sheetmetal fabricator and stamper Laystrom Manufacturing Co., Chicago, IL, hired Eric Hauser as manufacturing manager. He’ll oversee the firm’s manufacturing and operations support departments, and lead its continuous quality- and process-improvement activities; www.laystrom.com/.
Bunting Magnetics, Newton, KS, named Robert Bunting, Jr. business strategist—metal detection. The firm manufactures magnetic products for a variety of industries; www.buntingmagnetics.com/.
Happy New Year--Fiscal Cliff Averted
Individual Rates—Many manufacturers organized as S-corporations or other flow-through entities, which pay taxes at the individual level, will not see their tax rates increase. The plan makes permanent current lower tax rates for individuals making less than $400,000 and families with incomes below $450,000.
Estate Tax—Similarly, the agreement avoids a significant increase in the estate-tax burden on small manufacturers. While the estate tax rate will increase from 35 percent to 40 percent, the current $5 million exemption will remain in place and be indexed for inflation.
Dividends and Capital Gains—While the compromise does raise investment tax rates to 20 percent for those above the $400,000/$450,000 thresholds, the top tax rates on dividends and capital gains remain the same, and current rates remain in place for taxpayers at lower income levels.
Tax Extenders—The compromise includes seamless extensions through 2013 of the R&D credit, the production tax credit and two important international provisions—the “look-through” rules and deferral for active financing income.
Bonus Depreciation—In addition, the 50-percent bonus depreciation in place during 2012 is extended for another year.